Question 1

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You are 25 years old. If you deposit $3,000 in an IRA at the end of each year for 30 years, how much will the account be worth when you retire at 55 if the APR is 5%, (compounded annually).

Select one:

A. 94,500.00

B. 199,316.54

C. 46,117.35

D. 723,998.05

Question 2

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To refer to the block of cells bounded by A12 in the upper left and E15 in the lower right, you would use the following reference:

Select one:

A. A12!E15

B. A12:E15

C. A12#E15

D. None of the above

Question 3

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A4 refers to the cell in column "A" and row 4.17

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True

False

Question 4

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If you borrow $35,000 to buy a car at 10% APR compounded monthly for 36 months, what are your monthly payments?

Select one:

A. 1,162.50

B. 1,120.02

C. 1,129.35

D. Correct answer not shown

Question 5

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The formula for the monthly payment on a $13,000 5 year car loan is =PMT(13000,9.5%/12,60) if the yearly interest rate is 9.5% compounded monthly.

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True

False

Question 6

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How much do you invest now so that you will have $1,000,000 when you retire in 20 years. The interest rate is 15%, compounded monthly.

Select one:

A. 61,100.28

B. 50,721.53

C. 9,761.47

D. 76,889.48

Question 7

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The formula to calculate the future value of a five year annual annuity due of $200 at 12% APR compounded annually is: =FV(.12,5,200,1).

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True

False

Question 8

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The formula for the future value of $100 in one year at 12% APR, (compounded annually) is =FV(.12,1,0,100)

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True

False

Question 9

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You are 25 years old. If you deposit $3,000 in an IRA at the end of each year for 30 years, how much will the account be worth when you retire at 55 if the APR is 12%, (compounded annually).

Select one:

A. 542,830.27

B. 810,877.82

C. 493,482.07

D. 723,998.05

Question 10

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You are 25 years old. If you deposit $3,000 in an IRA at the end of each year for 30 years, how much will the account be worth when you retire at 55 if the APR is 10%, (compounded annually).

Select one:

A. 542,830.27

B. 810,877.82

C. 723,998.05

D. 493,482.07

Question 11

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What will your annual payment be if you borrow $25,000 for 10 years at an APR of 10%?

Select one:

A. 2,500

B. 330.38

C. 4,068.63

D. 1,568.63

Question 12

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You can afford a car payment of $500 a month for 3 years. The interest rate is 9% APR compounded monthly. How much can you afford to borrow?

Select one:

A. 20,576.36

B. 18,000.00

C. 20,730.68

D. Correct answer not shown

Question 13

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You borrowed $10,000 to buy a car at 12% APR compounded monthly. You are making monthly payments for five years. You just made the first payment and decided you want to sell the car and pay off the loan. How much do you own on the loan if you pay it off immediately after making the first payment?

Select one:

A. 9,777.56

B. 9,877.56

C. 8,425.90

D. Correct answer not shown

Question 14

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The present value of a 15 year $2,000 annual annuity due payment earning 15% is $13,448.95.

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True

False

Question 15

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Assume you have a spreadsheet with the value of 10 in A1 and the value of 15 in A2. The IF statement in A3 of: =if(A1>A2,A1*2,A2*3) will result in what value?

Select one:

A. 10

B. 15

C. 20

D. 45

E. None of the answers are correct.