Cumulative Exam — Cumulative exam Answers

How much more interest is earned on an investment of $12,585 at 3.5% interest over 5 years if the interest is compounded annually rather than earning simple interest?

Naomi is planning to get a job after graduating from college. Which explains why she should establish a positive credit history?

Barbara got a flat tire and does not have a spare. She needs her car for work, so she goes to a business that offers payday loans in order to get the money to buy a new tire. She borrows $75 and plans to pay it back when she gets paid in 8 days. Barbara is charged a fee of $15 and the term on her loan is 8 days. Approximately what is the annual percentage rate on her loan?

A commodity in which someone invests might include a

Read the scenario.A bank doesn't tell a customer promptly about an unauthorized electronic fund transfer, causing a big loss from the customer's account.What is likely to happen to the bank because of this, according to the regulations?

Which is an example of a strong password?

Consider today’s stock listing for Rayje Clothiers, shown below.52 wk High52 wk LowSymbolDiv.CloseNet Change225.80169.96RAJ25.10200.4313.74Today, you sold the 459 shares of Rayje Clothiers that you purchased yesterday. How much profit did you make?

Ron is 25 years old and is retiring at the age of 65. When he retires, he will need a monthly income of $4,123 for 20 years. If Ron contributes 10% of his monthly income to a 401(k) paying 5.5% compounded monthly, will he reach his goal for retirement given that his monthly income is 3,142.23? If he does not make his goal then state by what amount he will need to supplement his income. Round all answers to the nearest cent.

Vanessa bought a house for $268,500. She has a 30 year mortgage with a fixed rate of 6.25%. Vanessa’s monthly payments are $1,595.85. How much was Vanessa’s down payment?

Nathan has $300 to open a checking account. He wants an account with the lowest fees. He plans on using the ATM machine, and his employer offers direct deposit.Bank Account Terms and ConditionsWhich checking account would be best for Nathan?

The Williams are buying a house that costs $323,000 and can afford a 10% down payment. If the Williams want the lowest monthly payment, which loan option would you recommend?

What is the purpose of a deductible in an insurance policy?

Carlos wrote a check for $44.92 to pay his gas bill. He’ll use the check register to record his transaction. What will be his new balance?

Which scenario shows the best use of a Peer-to-Peer (P2P) payment system?

What is a commission, as it relates to the stock market?

An entrepreneur keeps backup funds in a savings account so that if their business experiences a loss, they will be able to recuperate. What type of risk management is this an example of?

Andy would like to withdraw an annual salary of $45,000 from an account paying 3.1% compounded annually for 25 years once she retires. Given this information, determine the amount needed in her account in order for her to reach her goal. Round to the nearest cent.

June’s portfolio includes 177 shares of Parchar Special Effects, 213 shares of Giaco Household Goods, and 152 shares of Raxin Accounting. If Parchar Special Effects pays a yearly dividend of $8.21 per share, Giaco Household Goods pays $6.97 per share, and Raxin Accounting pays $11.44 per share, how much does June earn in dividends per year?

In a free enterprise system, what are the goals of government? Check all that apply.to ensure safety for its citizensto ensure that citizens' needs are metto stay out of all economic decisionsto solve the problem of povertyto prevent citizens from getting richto ensure that the market is fair