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| 1 | |
Jenessa has $2245 in a savings account that pays 4.20% interest per year compounded daily. How much interest will Jenessa earn in a month of 31 days? |
| | A) | $8.02 |
| | B) | $81.48 |
| | C) | $955.74 |
| | D) | $2253.02 |
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| 2 | |
Charito has a chequing account at a bank that charges $12.95 for up to 20 transactions plus $0.75 for each additional transaction. Last month Charito made 31 transactions. What did her service charges amount to? |
| | A) | $12.95 |
| | B) | $21.20 |
| | C) | $23.25 |
| | D) | $36.20 |
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| 3 | |
Max invested $12 000 in a mutual fund which had average 0.95% growth per year. If the fund has a 2.3% management fee, how much has the value of Max’s investment fallen after 3 years? |
| | A) | $321.81 |
| | B) | $345.26 |
| | C) | $476.55 |
| | D) | $479.47 |
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| 4 | |
Charolotte starts an RRSP at age 20, depositing $125 every month into an account paying 4.5% compounded monthly. How much will the RRSP have when she retires at age 65? |
| | A) | $218 249.05 |
| | B) | $68 186.78 |
| | C) | $6115.02 |
| | D) | $943.43 |
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| 5 | |
Adam and Jacqueline start an RESP for their baby girl. They deposit $50 per week into the plan, which pays 5% interest compounded annually. The government contributes an additional 20% to the couple’s annual contribution up to a maximum of $400 per year. How much will be in Bobbi and Daniel’s RESP after a year? |
| | A) | $2663.22 |
| | B) | $3063.22 |
| | C) | $3183.22 |
| | D) | $3195.87 |
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| 6 | |
What is the daily interest rate for a credit card with an annual interest rate of 30%? |
| | A) | 0.0008% |
| | B) | 0.0820% |
| | C) | .0822% |
| | D) | 24% |
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| 7 | |
Stephen receives his September credit statement, which was issued on October 1. It has an outstanding balance of $650.75. His account charges 24.5% annual interest compounded daily, and offers a grace period of 11 days. It usually takes 3 days for transactions to be processed. Stephen paid his bill on November 15. Assuming he makes no further purchases on his card, what will his outstanding balance be after his payment is processed? |
| | A) | $16.81 |
| | B) | $20.40 |
| | C) | $21.75 |
| | D) | $672.50 |
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| 8 | |
Paul wants to buy a new $49 499 car from a local dealership. The dealer offers financing of 8.1% annual interest, compounded monthly, over 7 years. If Paul makes a $5000 down payment, what will his monthly payments be? |
| | A) | $796.41 |
| | B) | $804.15 |
| | C) | $9816.47 |
| | D) | $50933.87 |
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| 9 | |
Maureen’s car, under normal city driving conditions, has a fuel efficiency of 12.75L/100 km. If Maureen’s car has a 65 L gas-tank, approximately how far can she drive on one tank of gas? |
| | A) | 8.29 km |
| | B) | 13 km |
| | C) | 51 km |
| | D) | 510 km |
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| 10 | |
A particular luxury car worth $68 775 depreciates by 30.5% each year. How much will it be worth after five years? |
| | A) | $11 152.05 |
| | B) | $11 559.01 |
| | C) | $16 046.11 |
| | D) | $58 907.37 |
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