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- 1. Multiple Choice
Bruno was given $2000 at birth . His parents invested it at a 2% interest rate compounded annually. No deposits or withdrawls were made. Which expression can be used to determine how much money Bruno had in the account when he turned 13?
2000(1+0.02)13
2000(1-0.02)13
2000(1+0.02)16
2000(1-0.02)16
- 2. Multiple ChoiceThe Arnold's took out a loan for $195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?$412,749.79$529.305.61$689,546.99$640,891.53
- 3. Multiple ChoiceYou invested $1,900 at 4% interest compounded annually for 3 years. How much interest did you earn in 3 years?$2,372.40$237.24$2,137.24$3,197.60
- 4. Multiple Choice
Caiden earned $475 from mowing lawns last summer.He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?
$827.52
$831.10
$839.45
$846.80
- 5. Multiple Choice
What does r represent?
interest rate
time
principal
total amount
- 6. Multiple Choice
What does t/n represent?
interest rate
time
principal
total amount
- 7. Multiple Choice
What does P represent?
interest rate
time
principal
total amount
- 8. Multiple Choice
What does A represent?
interest rate
time
principal
total amount
- 9. Multiple Choice
Which of the following can be used for P?
starting amount
initial
principal
total amount
- 10. Multiple Choice
You borrowed $59,000 for 2 years at a simple interest of11%. What total will you pay back?
This question is asking you to use the compound interest formula.
True
False
- Answer choicesTagsAnswer choicesTags