Using Interest Formulas

Find the simple interest on $2,219 in principal, deposited for 6 years at a rate of 5.11%

• $113.39

• $674.52

• $680.35

• $692.34

Jasmine needs $30,000 to pay off a loan at the end of 5 years. How much must she deposit monthly into a savings account that yields 4% interest, compounded monthly?

• $398.74

• $406.11

• $500

• $452.50

Austin deposits $2,250 into a one year CD at an interest rate of 5.3%, compounded daily. What is his ending balance.

• $2,372.46

• $2,250.53

• $2,486.64

• $2,723.82

Stephanie signed up for a direct deposit transfer into her savings account from her checking account. Every month $150 is withdrawn from her checking account. The interest in this account is at 2.6% compounded monthly. How much will be in the account at the end of 6.5 years?

• $12,731.79

• $11,700

• $12,545.37

• $11,965

Ryan deposited $3,000 into an account that pays 1.5% interest compounded continuously. What is his balance after 2 years?

• $3,112.34

• $3,086.82

• $3,012.63

• $3,091.36

Terri wants to purchase a car in 2 years. She expects to need $2,500 for a down payment. How much should she put in her account that pays 2.2% interest compounded daily?

• $2,612.45

• $2,239.61

• $2,392.39

• $2,598.12

Bill deposited $3,500 into an account that pays 1.85% interest compounded weekly. How much will he have in his account at the end of 3 years?

• $3,311.07

• $3,699.71

• $3,468.09

• $3,791.11

Trevor is putting $15 every biweekly pay into his savings account.  This account pays 2.04% interest compounded biweekly.  How much will he have in his account in 5 years?

• $1,950

• $2,103.85

• $1,975.03

• $2,052.07

Timmy wants to have $2,000 saved in 6 months in order to purchase an engagement ring.  How much will he need to put into his account that pays 2.36% interest compounded monthly?

• $1,741.03

• $1,832.64

• $1,976.56

• $1,901.79

Doug is saving for a down payment on a house.  He decides to put $150 from each weekly paycheck into an account for this purpose.  How much will he have in the account in 4 years if the account pays 2.63% interest compounded weekly?

• $31,851.07

• $32,891.45

• $33,946.38

• $34,617.99