Unit 3: Checking and Savings Accounts Test

This is the cost of using some other person's or bank's money.

• Interest
• Bill
• Principal
• Credit

At the beginning of this month, the balance of Vance's checking account was $697.96. So far this month, he has received a paycheck via direct deposit of $962.88, been charged a monthly service fee from his bank of $25.00, used a debit card linked to his account to make a purchase of $83.12, written a check for $138.83 that has already been deposited, and deposited a check written to him for $71.17. What is the current balance of Vance's checking account?

• $1620.38
• $1510.06
• $1485.06
• $787.10

June Russell, who has a checking account at Gravy Train Bank, is writing a check to Stanley Lawrence, who has a checking account at Chunk a Change Bank. What should be written on the "Pay to the order of" line of the check?

• Chunk a Change Bank
• Gravy Train Bank
• June Russell
• Stanley Lawrence

Enrico wrote four checks last month, and these were the only transactions for his checking account. According to his check register, his balance is $893.48, but the bank statement he just received says his balance is $1076.32. If the four checks were for $173.75, $173.84, $182.75, and $182.84, the check for which amount has not yet cleared?

• $173.75
• $173.84
• $182.75
• $182.84

The simple interest formula is I=Prt.  What does the t represent?

• Principle
• Interest
• Time
• Percent Rate

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

• $7.50
• $26.25
• $87.5
• $262.50

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

You lend $300 to your friend.  He pays you back $330.  What interest rate did you charge your friend?

• 15%

• 10%

• 12%

• 20%

JoJo the Dancing Clown deposits $500 in a savings account, compounded quarterly, at an annual rate of 4%. How much money will he have at the end of the year?

• $505

• $15.20

• $520.35

• $626.78

$400 dollars was deposited in an account. Find the interest paid on the deposit, compounded semiannually, at a rate of 2% for 10 years

• $88.07

• $480.01

• $572.36

• $2.02