“� � � Question 1 � � � � � � The rate of interest actually paid or earned, also called the annual percentage rate (APR), is the ________ interest rate. � � � � � � � � � � � � � � � “� � � Question 2 � � � � � � Which of the following terms best describes an annuity due? � � � � � � � � � � � � � � � � � � “� � � Question 3 � � � � � � The future value of a dollar ________ as the interest rate increases and ________ the farther in the future an initial deposit is to be received. � � � � � � � � � � � � � � � � � � “� � � Question 4 � � � � � � A loan that is repaid in equal payments over a specified time period is referred to as a (n): � � � � � � � � � � � � � � � � “� � � Question 5 � � � � � � Jill Clinton puts $1,000 in a savings passbook that pays 4% compounded quarterly. How much will she have in her account after five years? � � � � � � � � � � � � � � � � � � “� � � Question 6 � � � � � � If $1,000 were invested now at a 12% interest rate compounded annually, what would be the value of the investment in two years? � � � � � � � � � � � � � � � � � � “� � � Question 7 � � � � � � For positive interest rates, the future value interest factor is � � � � � � � � � � � � � � � � � � “� � � Question 8 � � � � � � The present value of a $20,000 perpetuity at a 7 percent discount rate is � � � � � � � � � � � � � � � “� � � Question 9 � � � � � � A series of equal payments or receipts that occur at the beginning of each of a number of time periods is referred to as: � � � � � � � � � � � � � � � � � � “� � � Question 10 � � � � � � The basic future and present value equations contain four variables. Which one of the following isnot included?
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