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- 1. Multiple Choice
How do you write 23% as a decimal?
23.0
2.3
0.23
0.023
- 2. Multiple Choice
How do you write 5% as a decimal?
5.0
0.5
0.05
0.005
- 3. Multiple Choice
What is 5.6% written as a decimal?
5.6
0.56
0.056
0.0056
- 4. Multiple Choice
Alexia is buying a Nissan Versa and takes out a 4-year simple interest car loan for $15000 at a 3% interest rate. What is the principal?
4 years
$15000
3%
Nissan Versa
- 5. Multiple Choice
Christine takes out a 4-year simple interest car loan for $15000 at a 3% interest rate. Is she does not make any payments, how much interest will she owe at the end of 4 years?
$1800
$18000
$16800
$33000
- 6. Multiple Choice
Greg takes out a 4-year simple interest car loan for $15000 at a 3% interest rate. Is he does not make any payments, how much total money will he owe at the end of 4 years?
$1800
$18000
$16800
$33000
- 7. Multiple Choice
Aiydan puts $5000 into a savings account with a 3% interest rate. The interest compounds yearly. How much money will he have in his account after 8 years?
$150
$5300
$6333.85
$40786.54
- 8. Fill in the Blank
Keylaan takes out a $30000 loan for her new Ford Mustang. She will pay back the entire loan at the end of 8 years. It is a simple interest loan with an interest rate of 7.25%. How much will she have to pay at the end of 8 years?
- 9. Multiple Choice
Sara takes out a $30000 loan for her new Honda Civic. She will pay back the entire loan at the end of 8 years. It is a compound interest loan with an interest rate of 7.25%. How much will she have to pay at the end of 8 years?
$17400.00
$30725.00
$52516.97
$2351982.31
- 10. Multiple Choice
If everything else is the same, which is better for the lender, a simple interest loan or a compound interest loan?
Simple Interest
Compound Interest
They are the same.
- 11. Multiple Choice
If everthing else is the same, which is better for the borrower, a simple interest loan or a compound interest loan?
Simple interest
Compound interest
They are the same.
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