PLACE Business Education: Negotiable Instruments Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. In this formula, what does the r stand for?

Question 2 2.

Calculate the monthly payments for a promissory note with these terms.

Amount: $40,000

Payment terms: Monthly

Annual interest rate: 3%

Loan due date: 10 years

Question 3 3. What is the role of a promissory note?

Question 4 4. For a promissory note with monthly payments and an annual interest rate of 6 percent, what is the monthly interest rate that you need to use in this formula?

Question 5 5. A promissory note for a loan amount of $45,000 has monthly payments of $412.37 for 10 years. What is the total amount paid at the end when the loan is paid off?

PLACE Business Education: Negotiable Instruments Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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