Financial Algebra
Mock Quarterly Exam CTM
Name:
Day 3
Date: _________
In 1-4, match the formula with the name.
A.
I  prt
_____2. Continuous Compound Interest
B.
P
_____3. Present Value of Future Investment
C.
Foreign _ Exchange _ R ate Foreign _ Amount

1_ USD
USD _ Amount
_____4. Periodic Compounding Interest
D.
A  P(1  r )t
_____5. Simple Interest
E.
A  P(1  r )
_____6. Sales tax
F.
A  Pert
G.
P((1  r )t  1)
B
r
_____1. Annual Compound Interest
_____7. Currency Exchange
A
(1  r )t
8. When writing a check, the correct way to write in words $158.43 is:
dollars
9. Using the check below, what is the routing number of the check:
10. Using the check register below, what is the balance after all purchases on 5/10?
3273
3274
11. Find the price with tax of a $219.79 item when the tax rate is 8.25%.
Formula:
12. Using the simple interest formula, how much interest will be earned on $2,100.00 for 6
years at an interest rate of 6.17%
Formula:
13. Using the annual interest formula, how much will be in savings account if $6,200 was placed
in an account for 32 years at and interest rate of 5.8%?
Formula:
14. Using the present value of future investment formula, how much money has to be put into
an account now if you want $42,000 in 13 years that is in an account earning 2¼% interest?
Formula:
15. Mikeal wants to go to Taiwan where the exchange rate is 1 USD = 32.57 Taiwan New Dollar.
How much will Mikeal get in Taiwan New Dollars if he exchanges $3,300.00 USD?
Formula:
16. Trista decides to make an annual periodic investment of $2,300 each year for the next 35
years. The account she is putting it into earns 31/5% interest. How much will be in the account?
Formula:
17. Justin found a bank that offers 5.7% interest using the compound continuous formula. How
much will be in the account after 17 years if he puts in $27,000.00
Formula:
18. Fred went to the store and bought a pair of jeans for $56.95 and a Chromebook for
$279.00. The tax rate for clothes is 4% while the tax rate for everything else is 8.125%. How
much will Fred pay in full for both after sales tax?
Formula:
19. Sheila just returned from a trip to Bahrain and she had 140 Dinars left to exchange back to
US dollars. If the exchange rate is 1 USD = 0.38 Dinar, how much in USD will she get for her
Dinars.
Formula:
20. Carmon wants to have $24,000 in 8 years so that he can buy a car. He has money now but
knows he needs to wait. If he found an account that pays 4.519% interest, how much must he
save now to reach his goal using the present value of future investment formula?
Formula:
21. Leonard decided that he wants to start a periodic investment in order to save for
retirement from his job at McDonald’s now that they pay $15 per hour. If he is 14 years old
now and saves $900 annually until he retires from McDonald’s at 65 years old and he found an
account that pays 2.68% interest, how much will he have for retirement?
Formula:
22. Phoenix needed to borrow $7,500 from her bank to buy herself a new piece of jewelry. If
the bank had a simple interest of 4.9% on the money she borrows and the loan is for 6 years,
how much will Phoenix have to pay the bank back in interest only?
Formula:
23. Scott wants to save up for an ATV for when he is older. He earned $5,300.00 from the
summer job he had at a camp between his salary and tips from the parents. If he wants to save
money for 6 years in an account that pays 3¾% annual interest, how much will he have in the
account to buy a new ATV?
Formula:
24. Lola has overtime money to save from her new job as a police officer. If she
1
saves$13,500.00 in an account that compounds interest continuously at 6 % , how much money
2
will be in the account after 12 years?
Formula:
25. Violet went shopping with $300.00. The items at the store she bought totaled $241.37
1
before tax. If the tax rate is 7 % , how much money will she return home with?
4
Formula:
26. Maribel went to reconcile her bank statement and wrote down the following transactions:

Paycheck: $405.22

Check # 1054: Shoprite: $94.81





ATM withdrawal: $80.00
Deposit: $50.00
Check # 1055: Macy’s: $209.67
Deposit: $70.00
Check # 1056: Nail Salon: $115.00
If her beginning balance was $19.03, what was her ending balance after she reconciled her
account?
27. When Fran was 6 years old her parents put $9,600 into a saving account that earned
2.9% annual
interest. If Fran is 33 years old now, how much will be in the account now?
28. Eunice became a doctor at age 23 and started a periodic investment account that saved
$12,600 a year at an interest rate of
3.82% interest. How much will be in the account if she
decides to retire at age 42?
29-30) Mickey wants to go see Disneyland Paris, and Disneyland Shanghai. He will be traveling to
Paris then Shanghai and back to the United States. He started with $3000.00 which was in
United States money.
1 USD = .91 Euro
I)
How much did he have in Euros?
II)
When in Paris, Mickey spent 725 Euros, how much does he have left in USD?