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Express each of the following ratios in there lowest terms:
(a)		0.36 : 0.20 : 0.316 ( 1 mark)
ANSWER:
(b)		9/8 : 3 /4 : 3/2 (1 mark)
ANSWER:
Convert the following ratios to equivalent ratios whose smallest number is 1:
(a)		1/6 : 1/3 : 1/9 ( 1 mark)
ANSWER:
(b)		7 and 2/5: 6: 9 and 3/8 (1 mark)
ANSWER:
Solve the following proportions for the unknown quantities:
(a)		t : 26 : 10 = 24 : 39 : s	(1 mark)
ANSWER:
(b)		Last year, the U.S. Sales of Honda, Toyota and Nissan, respectively, were in the
		ratio 92 : 121 : 35. Toyota has announced sales of $10.8 billion for the first
		half of the correct fiscal year. If the three companies have maintained the same
		market share as they had last year, what were the first-half sales of Honda and Nissan,
		rounded to two decimal point (1 mark)
ANSWER:
Tom was charged $12.48 simple interest on his bank loan for the period June 18, 2019
to July 18, 2019. If the interest rate on the loan was 8.25%, what was the outstanding
principal of the loan, rounded to the nearest cent? (2 marks)
ANSWER:
What amount would be received on January 13, 2019 that is equivalent to $10,000 received on
August 12, 2018, if money can earn a simple interest rate 9.5%? (2 marks)
Round to the nearest cent.
ANSWER:
A contract requires payments of $3,000, $4,000 and $2,000 in 100, 150 and 200 days
respectively. What is the value of the contract today if payments yield a 10.5%
simple interest return , rounded to two decimal points (2 marks)
ANSWER:
Ashley, Randy and Sylvia invested $4,000, $7,000 and $5,000 respectively into a small business.
(a)		What was the ratio if their investments (reduced to the lowest terms)? (1 mark)
ANSWER:
(b)		How much would each receive if profits were distributed according to this ratio and
		the total profit was $25,000? Round answer to the nearest dollar. (2 marks)
ANSWER:
Jacques has been notified that the combined principal and interest on an amount he
borrowed 19 months ago at 8.4% compounded monthly is now $2,297.78. How much of
this amount is principal and how much is interest? Round answer to nearest cent. (2 marks)
ANSWER:
You invest $6,000 for one year at a nominal interest rate of 8%. Interest is compounded
quarterly. Calculate the following:
(a)		Number of periods to be compounded (1 mark)
ANSWER:
(b)		Total amount to be repaid (1 mark)
ANSWER:
(c)		Total interest earned (1 mark)
ANSWER:
Ashley wishes to purchase a $10,000 vehicle in 4 years. He can earn 6% compounded
semi-annually at his bank. How much must Ashley deposit at the beginning of the year to
have $10,000 in 4 years? (2 marks)
ANSWER:
To calculate___________, the interest from the previous month becomes part of the
new principal. Circle the correct answer below: (1 mark)
A		Present value	D	None of the above
B		Simple interest	E	All of the above
C		Compound interest
Circle the correct answer:
(a)		Time value of money is the property that a given nominal amount of money has
		at different points in time (1 mark)
			TRUE	FALSE
(b)		Interest is the fee or rent that borrowers earn for the use of their money (1 mark)
			TRUE	FALSE
(c)		Maturity value is the total principal due on the maturity date of a loan or an
		investment (1 mark)
			TRUE	FALSE

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