Financial Algebra Unit 3 Banking Review

To reconcile a check register means to match all the entries in the register with the statement received from the bank and correct any discrepancies.

• True

• False

16. LaToya has $113.94 in her checking account. During the week, she goes to an ATM and withdraws $40. She is

charged a usage fee of $2.50. The following week she deposits her paycheck of $189.73. She writes two checks, one for $22.50 and the other for $70.18. What is the current balance in her checking account?

• $170.99

• $168.49

• $145.99

• –$21.24

Tags

CCSS.7.NS.A.3

Compound interest earns more than simple interest at the same interest rate because compounding pays interest on the interest earned.

• True

• False

Tags

CCSS.7.RP.A.3

Interest compounded semiannually is compounded 4 times a year

• True

• False

Tags

CCSS.HSF-LE.A.1C

Interest compounded quarterly is compounded how many times?

• 2

• 4

• 12

• 1

Interest compounded daily is compounded how many times?

• 365

• 12

• 4

• 2

What does the n stand for in compound interest and APY formulas?

• time

• balance

• number of times compounded in a year

• number of times compounded in a month

Sonja and Jake just got married. They received $4,500 in gift money and deposited it into a savings account that pays 2.85% simple interest. How much will they have in savings after 3 years?

• $348.75

• $4,884.75

• $4,448.75

• $384.75

Tags

CCSS.7.RP.A.3

How much simple interest does $2,000 earn in 7 months at an interest rate of 5%?

• $58.23

• $85.33

• $55.33

• $58.33

Tags

CCSS.7.RP.A.3

Loretta deposits $1,200 into a savings account that earns 4.5% interest compounded quarterly. What is the balance after 7 years?

• $1,312.63

• $1,344.18

• $1,444.27

• $1,641.42