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Study Quiz
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1
What is the value of $3500 invested for 5 years at 3.25% per year with simple interest?
A)$60 375.00
B)$4106.94
C)$4068.75
D)$568.75
2
Find the value of $10 500 invested for 6 years at 4.15% compounded annually.
A)$13114.50
B)$13401.24
C)$65614.50
D)$84280.66
3
How much more would $900 be worth after 4 years if it were invested at 3% per year compounded monthly rather than 3% per year compounded annually?
A)$0.01
B)$1.64
C)$1012.96
D)$1014.50
4
Kelly takes out a $17 500 student loan. The loan is for four years with 8.5% interest compounded semi-annually. How much of what Kelly repays will be interest?
A)$6752.53
B)$6914.43
C)$24252.53
D)$24414.43
5
Celeste wants to deposit enough money today to have $10 000 for college in three years. If she can get an account paying 5.99% per year compounded monthly, how much does he have to deposit?
A)$8358.94
B)$8366.35
C)$8377.28
D)$8398.57
6
Lily has a $925 loan due in two years. Her creditor is willing to let her pay it off now at an interest rate of 13% compounded quarterly. How much will Lily have to pay?
A)$332.40
B)$714.22
C)$716.18
D)$724.41
7
What interest rate, compounded daily, will grow $750 to $1000 in 10 years?
A).008%
B)2.88%
C)2.92%
D)7.88%
8
Simon deposited $1250 in an account that paid 2.99% per year compounded quarterly. How long will it take for the money to double in value?
A)21 years
B)22 years.
C)23 years
D)24 years
9
Complete the sentence: "Decreasing the frequency of compounding of interest ___________________ the future value of an investment or loan."
A)"…has no effect on…"
B)"…decreases…"
C)"…increases…"
D)"…more than halves…"
10
Rhonda is saving up for a big trip. She wants to have $20 000 in five years. How much less will she have to deposit if she can get an interest rate of 5% compounded monthly instead of 4% compounded monthly?
A)$795.95
B)$804.26
C)$15 584.11
D)$16 380.06





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