# Objective Type Business Questions

November 10, 2010 Leave a comment

**1.** The amount of money borrowed or invested is called the maturity value.

True

False

**2.** When solving a simple interest problem, the rate should be written as a decimal number.

True

False

**3.** The interest paid on a $10,000.00 loan for 2 years at 13.5% interest is $1,250.00.

True

False

**4.** The formula to find the rate is interest divided by (principal times time).

True

False

**5.** 8% for 45 days is equal to 0.01.

True

False

**6.** The cash price of an item is the amount you would have paid if the full amount was paid at the time of purchase.

True

False

**7.** The total cost of an installment purchase is equal to the number of payments times the amount of each payment minus the down payment.

True

False

**8.** The Truth in Lending Act requires the APR be accurately stated to the nearest of 1 percent.

True

False

**9.** The monthly payments are calculated by adding the finance charge and the amount financed and dividing by the number of payments in the loan.

True

False

**10.** The amount of a loan is:

the installment price + interest – down payment

installment price – interest – down payment

installment price – interest + down payment

installment price – payments + purchases

none of the above

**11.** John purchased a new boat for $24,600.00. He put a $5,400.00 down payment on it. The bank’s loan was for 60 months. Finance charges totaled $6,400.00. His monthly payment was:

$106.67

$410.00

$250.00

$426.67

none of the above

**12.** A fraction that shows what portion of the total finance charge has not been paid at the time a loan is paid off is called the:

finance rebate

refund fraction

pay-off ratio

constant ratio

none of the above

**13.** The formula for ordinary interest using exact time is:

exact days divided by 365

exact days divided by 360

30 divided by 360

30 divided by 365

none of the above

**14.** The proceeds of a $7,500.00, 10% simple discounted note for 85 days is:

$7,674.66

$7,322.92

$7,677.08

$7,325.34

none of the above

**15.** In a non-interest bearing note, the maturity value is the same as the:

proceeds

principal

discount

principal plus interest

none of the above

**ANSWERS AVAILABLE.**

**Price of Answer**: Just US$ 3 only

**How to purchase this answer:** Actually it is very simple. Just mail us at *solvemyquestions@gmail.com **or ** **solvemyquestion@gmail.com*

Your work is over now, just sit back at your place in your comfort. Very soon you will receive our mail. So, why wait and pay more just mail us at *solvemyquestions@gmail.com **or **solvemyquestion@gmail.com*.

If you need any other type of help regarding Assignments, Projects, Case Study, Essay writing then you can just mail us you requirement at *solvemyquestions@gmail.comorsolvemyquestion@gmail.com. *We will get back to you very soon.