Primavera College Math Prep Final
UPDATED Actual Exam Questions and
CORRECT Answers
The Sanchez family takes out a $200,000$200,000 loan for their fixed-rate, 30-30-year
mortgage. The annual interest rate for the loan is 4%.4%.
What is their monthly payment? - CORRECT ANSWER✔✔- $954.83
Farrah borrows $18,000$18,000 to purchase a new car. The annual interest rate for the 60-60-
month loan is 4.3%.4.3%.
If she makes all the monthly payments, what is the total amount of interest she will pay on
the loan? - CORRECT ANSWER✔✔- $2,036.39
Tamaya purchased an ordinary annuity that earns 3.5%3.5% interest. She will receive 2020
payments of $700,$700, once a quarter over 55 years.
What is the present value of the annuity? - CORRECT ANSWER✔✔- $12,792.30
Nita invested in a simple, ordinary annuity that earns 4.1%4.1% interest, compounded
semiannually. She deposits $600$600 semiannually for 1010 years at 4.1%4.1% interest.
What is the value of the annuity after 1010 years? - CORRECT ANSWER✔✔- XXX
$9,763.69
An account that compounds interest monthly has an annual percentage yield of 6.2%.6.2%.
What is the annual interest rate for the account? - CORRECT ANSWER✔✔- XXX 6.38%
An account has an annual interest rate of 5.3%,5.3%, compounded monthly.
What is the annual percentage yield? - CORRECT ANSWER✔✔- 5.43%
Parvati invests $5,500$5,500 in an account that earns an annual interest rate of 7.2%,7.2%,
compounded daily.
What is the value of the investment after 33 years? - CORRECT ANSWER✔✔- XXX
$6,775.59
UPDATED Actual Exam Questions and
CORRECT Answers
The Sanchez family takes out a $200,000$200,000 loan for their fixed-rate, 30-30-year
mortgage. The annual interest rate for the loan is 4%.4%.
What is their monthly payment? - CORRECT ANSWER✔✔- $954.83
Farrah borrows $18,000$18,000 to purchase a new car. The annual interest rate for the 60-60-
month loan is 4.3%.4.3%.
If she makes all the monthly payments, what is the total amount of interest she will pay on
the loan? - CORRECT ANSWER✔✔- $2,036.39
Tamaya purchased an ordinary annuity that earns 3.5%3.5% interest. She will receive 2020
payments of $700,$700, once a quarter over 55 years.
What is the present value of the annuity? - CORRECT ANSWER✔✔- $12,792.30
Nita invested in a simple, ordinary annuity that earns 4.1%4.1% interest, compounded
semiannually. She deposits $600$600 semiannually for 1010 years at 4.1%4.1% interest.
What is the value of the annuity after 1010 years? - CORRECT ANSWER✔✔- XXX
$9,763.69
An account that compounds interest monthly has an annual percentage yield of 6.2%.6.2%.
What is the annual interest rate for the account? - CORRECT ANSWER✔✔- XXX 6.38%
An account has an annual interest rate of 5.3%,5.3%, compounded monthly.
What is the annual percentage yield? - CORRECT ANSWER✔✔- 5.43%
Parvati invests $5,500$5,500 in an account that earns an annual interest rate of 7.2%,7.2%,
compounded daily.
What is the value of the investment after 33 years? - CORRECT ANSWER✔✔- XXX
$6,775.59
