MGF 1107 2025/2026 Exam Questions
and Answers | A+ Score Assured
1
Simple interest - 🧠 ANSWER ✔✔What is the future value for a loan of $788
at 10.78% simple interest over a period of 5 years?
Compound interest - 🧠 ANSWER ✔✔How much money is in a savings
account after 6 years if the principle is $155 and the nominal annual
interest rate is 2.13% compounded monthly?
Compound interest (future) - 🧠 ANSWER ✔✔Suppose that after 6 years
you want to have $2600 in an account that pays 4.40% compounded
monthly. How much should you deposit now in order to achieve your goal?
APY - 🧠 ANSWER ✔✔What is the annual percentage yield if the nominal
annual interest rate is 4.72% compounded monthly?
Daily interest rate - 🧠 ANSWER ✔✔Find the daily interest rate if the annual
interest rate for a credit card is 18.45%.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, Finance charge - 🧠 ANSWER ✔✔Suppose a credit card company
determines the finance charge by calculating the simple interest on the
2
average daily balance using the daily interest rate. If your average daily
balance during a 30-day billing cycle was $564 and the annual interest rate
is 9.71%, what is your finance charge?
Monthly loan payment - 🧠 ANSWER ✔✔Find the monthly payment for a 5
year auto loan where the amount borrowed is $17000 and the nominal
annual interest rate is 6.63% compounded monthly.
Total interest - 🧠 ANSWER ✔✔Find the total amount of interest paid over
the life of a 5 year auto loan where the amount borrowed is $22800 and the
monthly payment is $460.88. The answers have been rounded. Choose the
closest answer.
Max house expense - 🧠 ANSWER ✔✔According to the guidelines in our
text, find the maximum monthly housing expenses for a household with an
annual gross income of $47823.
expenses for a household with an annual gross income of $47823.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
and Answers | A+ Score Assured
1
Simple interest - 🧠 ANSWER ✔✔What is the future value for a loan of $788
at 10.78% simple interest over a period of 5 years?
Compound interest - 🧠 ANSWER ✔✔How much money is in a savings
account after 6 years if the principle is $155 and the nominal annual
interest rate is 2.13% compounded monthly?
Compound interest (future) - 🧠 ANSWER ✔✔Suppose that after 6 years
you want to have $2600 in an account that pays 4.40% compounded
monthly. How much should you deposit now in order to achieve your goal?
APY - 🧠 ANSWER ✔✔What is the annual percentage yield if the nominal
annual interest rate is 4.72% compounded monthly?
Daily interest rate - 🧠 ANSWER ✔✔Find the daily interest rate if the annual
interest rate for a credit card is 18.45%.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, Finance charge - 🧠 ANSWER ✔✔Suppose a credit card company
determines the finance charge by calculating the simple interest on the
2
average daily balance using the daily interest rate. If your average daily
balance during a 30-day billing cycle was $564 and the annual interest rate
is 9.71%, what is your finance charge?
Monthly loan payment - 🧠 ANSWER ✔✔Find the monthly payment for a 5
year auto loan where the amount borrowed is $17000 and the nominal
annual interest rate is 6.63% compounded monthly.
Total interest - 🧠 ANSWER ✔✔Find the total amount of interest paid over
the life of a 5 year auto loan where the amount borrowed is $22800 and the
monthly payment is $460.88. The answers have been rounded. Choose the
closest answer.
Max house expense - 🧠 ANSWER ✔✔According to the guidelines in our
text, find the maximum monthly housing expenses for a household with an
annual gross income of $47823.
expenses for a household with an annual gross income of $47823.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
