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- 1. Multiple Choice
rate
principal
time
amount
- 2. Multiple Choice
rate
principal
time
amount
- 3. Multiple Choice
Caiden deposited $475 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
- 4. Multiple Choice
You borrowed $59,000 for 2 years at 11% which was compounded annually. What is the total?
$13,693.90
$1,363.90
$72,693.90
$73,793.90
- 5. Multiple Choice
You borrowed $1,690 for 5.5 years at an interest of 5.7%. How much is the total you pay?
$1,690
$2,292.45
$1,87.55
$3,982.45
- 6. Multiple Choice
Krystal has $3000 invested at a 2% interest rate compounded annually. Which expression can be used to determine how much money Krystal had after 16 years?
- 7. Multiple Choice
Audrey deposited $2,800 in a
savings account that pays 2.65% interest compounded annually.
What is the total value of the account after 7 years?
$562.57
$3362.57
$14,514.15
$2,569,680
- 8. Multiple Choice
Steve deposited $5,000 in a savings account that pays 4% interest compounded annually.
Which equation could be used to find the value of the account after 3 years?
A = 5,000(1 + 4)3
A = 5,000(1+0.4) x 3
- 9. Multiple Choice
If you wanted to amount of interest an account has earned after being compounded annually. What would you have to do after you found "A" using the formula A=P(1+r)t ?
Add A (total amount) plus P (original amount)
Subtract A (total amount from P (original amount)
Add P (original amount) plus A (total amount)
Subtract P (original amount) from A (total amount)
- 10. 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
- 11. Multiple Choice
You borrowed $1,690 for 5.5 years at an interest of 5.7% compounded annually. How much extra did you pay by taking out the loan?
$602.45$2,292.45$1,87.55$3,982.45 - 12. Multiple ChoiceFind the compound interest:
Principal: $1735
Interest Rate: 0.8%
Time: 1 year$1,388$138.80$13.88None of the answers are correct. - 13. Multiple Choice
Chris borrows $450 from Gavin. Gavin lets Chris choose either a simple interest loan for 10 years with a 3.5% interest rate or a loan compounded annually for 7 years with a 2% interest rate. Which should Chris choose if he wants the cheaper plan? Use I=P*r*t for simple interest (make sure to add I plus P at the end) and A=P*(1+r)t for compound interest.
The simple interest plan
The compound interest plan
- 14. Multiple ChoiceThe Henley's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually, how much total will they have paid after 30 years?$412,749.79$529.305.61$689,546.99$640,891.53
- 15. Multiple Choice
Anne deposited $500 in an
account that earns 6% simple annual interest.
Shelly deposited $500 in an account that earns 6% annual interest
compounded annually. They leave the
money in the account for 4 years. Which
statement is true about the two investments after 4 years?
Shelly will have $131.24 more in her account
than Anne has in her account.
They will have the same
amount in their accounts.
Shelly will have $11.24 more
in her account than Anne has in her account.
Anne will have $11.24 more in
her account than Shelly has in her account.
- 16. Multiple Choice
Carly
deposited $800 in an account that earns 6% compounded annually. Lara deposited
$800 in an account that earns 6% simple interest. How much will each girl have
in their account at the end of 10 years if they make no withdrawals or deposits?
Carly: $1432.68 Lara: $1280
Carly: $1444.89 Lara: $1280
Carly: $1444.89 Lara: $1320
Carly: $1432.68 Lara: $1320
- 17. Multiple Choice
Ricco deposits $500 in an account that earns 2.5% interest compounded annually for 3 years. Wally deposits $500 in an account that earns 5.1% interest compounded annually for 2 years. Who will earn the greatest amount of interest?Ricco will earn $13.85 more than WallyWally will earn $13.85 more than Ricco - Answer choicesTagsAnswer choicesTags