Test review Simple and Compound Interest

Front

Jeremiah deposits $1500 into each of two savings accounts. - Account 1 earns 2.5% annual simple interest. - Account 2 earns 2.5% interest compounded annually. What is the sum of the balances of Account 1 and Account 2 at the end of 3 years?

Back

$3227.84

Front

Mr. Jenkins deposited $1,250 into an account. He earned 4.25% simple interest on the account. What was the balance, in dollars and cents, in the account at the end of 4 years?

Back

$1,462.50

Front

Juan borrowed $27,000 from a bank at 4.15% interest compounded annually for 5 years. How much interest will he pay on the car loan?

Back

$6,087.21

Front

Balance of $2,500 at 6.5% interest compounded annually after 2 years?

Back

$2,835.56

Front

An investor puts $2,500.00 into a life insurance policy that pays 8.5% simple annual interest. If no additional investment is made into the policy, how much accumulated interest should the investor expect at the end of 10 years?

Back

$2,125.00

Front

Mr Garcia opened an account with a deposit of $3,000. -The account earned annual simple interest. -He did not make any additional deposits or withdrawals. -At the end of 2 years, the account balance was $3,348. What is the annual interest rate on the account?

Back

5.8%

Front

Caden deposited $500 in an account that earns 3% interest compounded annually. How much interest will the account earn after 6 years?

Back

$97.03

Front

Jessie will deposit $1,230 in an account that earns 5% simple interest every year. Melanie will deposit $1,200 in an account that earns 7% interest compounded annually. What will be true about their balances after 4 years?

Back

Melanie’s account will have about $96.96 more than Josselyn’s account.

Front

An employee puts $5000 in a retirement account with 9% interest compounded annually. What is the interest earned at the end of 5 years?

Back

$2,693.12

Front

Danny invests $10,000 in a simple interest savings account that earns 3.5% interest. If the total in his account at the end of his term is $12,450, how long did he leave the money in the account?

Back

7 years