Lelfy

Financial Mathematics Quiz

Financial Mathematics: ten practice questions on interest, loans, and present value, with concepts and calculations. Every answer is explained.

Free, with no sign-up.

ByLelfy Editorial Team

For High school students and adults reviewing the topic.

About 16 minutes. 10 questions.

How does it work?

  1. Choose one answer or enter a number in the stated unit and rounding, then check it.
  2. Your first submitted answer counts toward the score. There is no timer.
  3. Keep full precision during calculations and round only the final answer as requested.

What will you get?

See your first-attempt score and an explanation for every answer.

Question 1A hypothetical $1500 deposit earns simple interest at 4% per year for 3 years. Find the interest alone in dollars, rounded to the nearest cent.

Answers within 0.005 dollars of the expected value are accepted.

Question 2With simple interest of 4% per year, a hypothetical $1500 deposit is held for 2 years. Find the final balance in dollars, rounded to the nearest cent.

Answers within 0.005 dollars of the expected value are accepted.

Question 3Suppose a hypothetical $2500 deposit earns 4% per year, compounded annually for 2 years, with no deposits, withdrawals, or fees. Find the final balance in dollars to the nearest cent.

Answers within 0.005 dollars of the expected value are accepted.

Question 4For a nominal annual rate of 6%, interest is compounded monthly in 12 equal periods per year. Find the effective annual rate in %, rounded to two decimal places.

Answers within 0.005 % of the expected value are accepted.

Question 5Consider a hypothetical $1200 loan that charges 1% interest per month and is repaid by 12 equal end-of-month payments. With no fees, find the monthly payment in dollars to the nearest cent.

Answers within 0.005 dollars of the expected value are accepted.

Question 6In a hypothetical agreement, a payment of $1944 arrives in 2 years. Use an interest rate of 8% per year, compounded annually. Find its present value in dollars to the nearest cent.

Answers within 0.005 dollars of the expected value are accepted.

Question 7Under a hypothetical model, a balance grows at 6% per year compounded annually. Solve the compound-growth equation for the time to double, allowing fractional years. Enter years to one decimal place.

Answers within 0.05 years of the expected value are accepted.

Question 8A loan comparison highlights a smaller monthly payment. What else is needed to judge the total cost?
Question 9What makes the periods in an interest calculation consistent?
Question 10A spreadsheet projects a constant investment return into the future. How should the result be interpreted?

Answer every question to see and share your score.

Read the topic guide