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Exam math drill

Banking Math Drill

Every question is new: the numbers are drawn fresh each time, so you can practice as long as you like. Type the answer or pick from four choices built from the mistakes people really make, then read the worked solution. Exam mode gives ten timed questions and a review at the end.

How to use it

Practice gives one question at a time and shows the worked solution after each answer. Your streak and best streak are kept; the best streak is remembered on this device only.

Exam of 10 gives ten questions from the topics you chose, fifteen minutes in all, with no answers shown until the review. You can go back before you finish.

Typed answers accept dollar signs, commas and percent signs. Pick Choices for exam-style multiple choice, or Mixed for some of each. With the keyboard, Tab moves between controls, arrow keys move between choices, and Enter checks.

Conventions this drill uses

  • Loan interest for a month is the balance × APR ÷ 12. Card interest by average daily balance uses APR ÷ 365 per day.
  • APY includes compounding: (1 + APR ÷ n)^n − 1. Banks must show it under Truth in Savings.
  • Deposit insurance: $250,000 per depositor, per FDIC-insured bank, per ownership category. Single accounts at one bank are added together; a joint account with two equal owners is covered up to $500,000.
  • Reserve questions use a textbook reserve rule. The U.S. requirement has been 0% since March 26, 2020.
  • Overdraft fees, debt-to-income caps, tax brackets and capital targets are “in this example” numbers.
  • Lenders figure debt-to-income on gross (before-tax) monthly income.

Try it

  1. Turn on only “Deposit insurance coverage” and explain each answer to someone at home.
  2. Take an exam of 10 with every topic on. Which misses share a mistake?
  3. In “APY from APR,” why is daily compounding only a little better than monthly?
  4. Run a streak of 10 in “Register balance and reconciliation.”

“He that is faithful in that which is least is faithful also in much.” Luke 16:10

Questions are made in your browser from formulas checked against an independent calculation. Numbers marked “in this example” are for practice, not current law or rates. No outside code, images or trackers.