CONTEMPORARY MATHEMATICS BUSINESS UNIT 6 EXAM QUESTIONS WITH CORRECT SOLUTIONS UPDATED 2025/2026||A+ GRADED!!

CONTEMPORARY MATHEMATICS BUSINESS UNIT 6 EXAM QUESTIONS WITH CORRECT SOLUTIONS UPDATED 2025/2026||A+ GRADED!! 1. The maturity value of a loan is the interest you incur on the loan. - ANSWER False 2. Find the interest on a loan of $9,000 for 6 months at 12%. - ANSWER $540 3. Find the exact interest and the ordinary interest for a 260-day loan of $19,600 at 12% to the nearest cent. Then find the difference between the two interest amounts. - ANSWER $23.27 4. Shannon borrowed $6,250 for a renovation project. She signed a 90-day note on March 3 at 7.5% interest. Find the maturity value of the note. - ANSWER $6,367.19 5. To find the maturity value of a note, you multiply the face value of the note and the interest. - ANSWER False 6. Find the due date for a 5-month loan made on June 15. - ANSWER November 15 7. Jay Feltcher deposited $3,400 into a retirement account. Find the rate if he has $3,494.50 in the account 9 months later. - ANSWER 3.7% 8. Joe's Hunting Shop earned interest of $71.50 on a $2,450 deposit in an account paying 3.5%. Find the number of months that the funds were on deposit. - ANSWER 10 months 9. Principal is the loan amount. - ANSWER True 10. The bank discount is the product of face value, discount rate, and time. - ANSWER True 11. Jungle Warehouse signed a 9-month simple discount note with a face value of $5,600. Find the proceeds if the discount rate is 13%. - ANSWER $5,054