Financial Algebra Chapter 2 Test

John invests 1,500 dollars in account that yields 7% SIMPLE INTEREST annually. How much money will John have in his account after one year?

• $105

• $1,050

• $1,605

• $57.50

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CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

Bob invests $10,000 today for a 30 year term and receives 10% annual SIMPLE INTEREST on the investment.  How much will Bob have after 30 years?

• $30,000
• $3,000
• $40,000
• $10,000

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CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

If $10,000 is invested at 5%, SIMPLE INTEREST, how much will the investment be worth after 20 months? 

• $833.33
• $10,833.33
• $416.67
• $10,416.67

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CCSS.HSA.CED.A.1

CCSS.HSA.REI.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

What interest rate do you need for your $8,000 investment to double in 10 years? SIMPLE INTEREST

• 10%
• 100%
• 1%
• 5%

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CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.4

CCSS.HSA.REI.B.3

Robert invested $2500 many years ago and is getting a 5.5% interest.  Currently Robert has $4000 in his account.  How many years did it take? SIMPLE INTEREST

• 10.9 years ago
• 29.1 years ago
• 1.1 years ago
• 2.9 years ago

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CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.4

CCSS.HSA.REI.B.3

• 1/5, 21%, 1.5, 20−1/5
• 1/5, 1.5, 21%, 20-1/5
• 1.5, 1/5, 21%, 20-1/5
• 21%, 20-1/5, 1.5, 

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CCSS.5.NBT.A.3

CCSS.5.NBT.B.7

• 0.667, 2/3, 66.1%, 0.66
• 66.1%, 0.66, 2/3, 0.667
• 66.1% 2/3, 0.667, 0.66
• 0.667, 0.66, 66.1%, 2/3

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CCSS.7.EE.B.3

CCSS.7.NS.A.2

CCSS.7.RP.A.3

Heather wants to purchase an electric guitar. The price of the guitar with tax is $2,240. If she can save $140 per month, how long will it take her to save up for the guitar?

• 15 months

• 16 months

• 17 months

• 18 months

Circuit Buy is having a huge sale on large screen TVs. Anita purchased a 60-inch curved-screen TV for $2,045.15 including sales tax. This purchase was made on a 6-month layaway plan. She had to pay a monthly payment of $375.

What was the fee charged for the layaway plan?

• $204.85

• $205.75

• $211.85

• $250.50

Steve has a FICO credit score of 727 and Mike has a FICO credit score of 572. Will this make any difference to them when they look for a loan?

• Yes

• No