Topic 13 Test (2020)

Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?

• $150
• $192
• $1350
• $1392

Tags

CCSS.HSF.BF.A.2

Change 6.75% to a decimal.

• 67.5
• .675
• 675
• .0675

Tags

CCSS.5.NBT.A.3

Find the total amount in the account to the nearest cent if the interest is compounded annually. 
$2750 at 8% for 2 years

• $2200.00
• $3207.60
• $8910.00
• $2750

Tags

CCSS.HSF-LE.A.1C

Justin felt it wasn't to late to say sorry and borrows $1400 from a bank with 6% simple interest per year. How much will he have to pay back total in 3 years?

• $252

• $292

• $1692

• $1652

Maggie deposits $520 in an account that pays 3.5% interest compounded annually. How much money will Maggie have in her account after 6 years?

• $545.32

• $639.21

• $640

• $563.87

Calvin 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 year?

• $827.52
• $831.10
• $839.45
• $846.80

Michael invests his savings of $250,000 into a retirement savings account. His account has an interest rate of 4.2% that is compounded annually. If he plans to leave the money in for 20 years, how much interest will he earn?

• $460,000

• $569,238.66

• $210,000

• $319,238.66

What is the correct definition of interest?

• money paid to you by a bank for the money you have in a bank account
• put into a bank account
• to borrow something
  

The compound interest formula is:
A = P(1 + r)^t

What does the A represent?

• The amount of interest earned.
• The amount of time that has passed.
• The total amount of money after a certain amount of time.
• The amount required to invest.

Tags

CCSS.HSA.SSE.A.1

Anna invested $2,500 at an annual simple interest rate of 5%. How long will it take until Anna earns $1,125 in interest?

• 5 years

• 8 years

• 10 years

• 9 years