Savings Quiz

Calculate Simple Interest:

7% APR

Deposit = $5,550

What is the total amount in the account after 25 years?

• $9,712.50

• $15,262.50

• $15,550.50

• $14,776.24

Calculate Simple Interest:

1.5% APR

Deposit = $45,000

What is the total amount in the account after 10 years?

• $50,000

• $45,750

• $51,750

• $75,500

Calculate Simple Interest:

8.5% APR

Deposit = $1,000

What is the total amount in the account after 5 years?

• $1425

• $425

• $575

• $1275

Calculate Compound Interest:

7% APR

Deposit = $5,550

Compounded Quarterly

What is the total amount in the account after 25 years?

• $26,798.34

• $16,442.47

• $37,568.76

• $31,458.27

Calculate Compound Interest:

1.5% APR

Deposit = $45,000

Compounded daily

What is the total amount in the account after 10 years?

• $52,282.38

• $48,889.75

• $56,654.53

• $60,575.72

Calculate Compound Interest:

8.5% APR

Deposit = $1,000

Compounded annually

What is the total amount in the account after 5 years?

• $1,112.87

• $1,243.55

• $2,457.23

• $1,503.66

Can write checks directly out of these accounts....

• Checking and traditional savings accounts

• Checking and money market accounts

• Money Market accounts and traditional savings accounts

• certificate of deposit and money market account

Which account do you have to pay a fee to withdraw your money?

• Money Market Account

• Checking Account

• CD

• Online Savings Account

Fill in the blanks with the correct responses. If you follow the 50-20-30 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 20% of your monthly income toward _____________, and 30% of your monthly income toward ______________.

• Needs, wants, savings

• Savings, needs, wants

• Needs, savings, wants

• Wants, needs, savings

When a bank says their savings account earns 1% APR, that typically means you will earn 1% interest over what period of time?

• Daily

• Annual

• Monthly

• Quarterly