Chapter 5 Review

What does the I in I = PRT mean?

• invest

• interest

• ice cream

• internal

What is the simple interest on a housing loan of $350,000, over 30 years with a rate of 4.5%?

• $350,00

• $47,250

• $350,000

• $472,500

What is the simple interest earned on a savings account over 2 years, given a principal of $200 and a rate of 5%?

• $5

• $25

• $20

• $2

What would be the total amount of your student loan, if you had to pay back a loan of $10,550, at a rate of 3% over the course of 10 years ? (Find the SIMPLE INTEREST)

• $13,715

• $3165

• $31,650

• $10,550

You take out a car loan. How much will you pay in total for the car, if your loan is for $8000, at a rate of 5% interest, over 3 years? (Find the SIMPLE INTEREST)

• $1,200

• $120

• $920

• $9,200

Caiden deposited $475 in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?

• $827.52

• $831.10

• $839.45

• $846.80

You borrowed $59,000 for 2 years at 11% which was compounded annually. What is the total? (Use Compound Interest)

• $13,693.90

• $1,363.90

• $72,693.90

• $73,793.90

You borrowed $1,690 for 5.5 years at an interest of 5.7%. How much is the total you pay? (Use Compound Interest)

• $1,690

• $2,292.45

• $1,87.55

• $3,982.45

Audrey deposited $2,800 in a savings account that pays 2.65% interest compounded annually.

What is the total value of the account after 7 years? (Use Compound Interest)

• $562.57

• $3362.57

• $14,514.15

• $2,569,680

Steve deposited $5,000 in a savings account that pays 4% interest compounded annually.

Which equation could be used to find the value of the account after 3 years? (Use Compound Interest)

• A = 5,000(1 + 4)³

• A = 5,000(1 + 0.04)³

• A = 5,000(1 + 0.4) x 3

• A = 5,000(0.04)³