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Unit 4 Financial Maths

Authored by Terry Jacka

Mathematics

12th Grade

Used 3+ times

Unit 4 Financial Maths
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The compound interest, to the nearest dollar, on $1000 over a period of four years at an interest rate of 5.3% compounded annually is:

$212

$229

$232

$530

$1229

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually,what will be the balance after 18 years?

$6,273.50  frustrated
$6,314.08 bewildered
$6,385.72         pleased
$6,427.94           tickled pink

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Given an investment of $1,500:
Which investment would have a larger balance after 5 years?
Option 1 - 4% compounded monthly
Option 2 - 3.9% compounded daily. 

Option 1
Option 2

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

You want to save $5,000 for future family vacation.  If the bank pays 4.3% compounded monthly for 3 years, then how much will you need to invest to reach your vacation goal?  

$307,042,791
$5,000
$3,250
$4,395.89

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A loan is modelled by the recurrence relation  V_{n+1}=V_n\times1.007-400  where  VnV_n   is the balance of the loan after n payments and  V0=25000V_0=25000  . What is the balance of the loan after four payments?

$24 775

$24 091

$25 575

$27 324

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cynthia invested $2,000 at 4% annually for 10 years. Every year she deposited $2,000 into the account. What is her future value after 10 years?

$44,512.78

$24,512.78

$24,512.19

$24,012.22

7.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Seth financed a purchase of a used car for $6,750. He has a four-year loan at 7.125% annual interest rate, compounding monthly, with monthly payments of $162.03. For his first monthly payment, calculate the amount that was paid in interest.

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