MAT 1160 Exam 1 Review

Suppose you deposit $1500 into a savings account that has an interest rate of 3.75%. Find the account balance after 15 years if the interest is simple.

• $2343.75

• $2623.42

• $2618.91

• $2632.58

Tags

CCSS.HSF.BF.A.2

Suppose you deposit $1500 into a savings account that has an interest rate of 3.75%. Find the account balance after 15 years if the interest is compounded semiannually.

• $2343.75

• $2623.42

• $2618.91

• $2632.58

Suppose you deposit $1500 into a savings account that has an interest rate of 3.75%. Find the account balance after 15 years if the interest is compounded every four months.

• $2343.75

• $2623.42

• $2618.91

• $2632.58

Suppose you deposit $1500 into a savings account that has an interest rate of 3.75%. Find the account balance after 15 years if the interest is compounded continuously.

• $2343.75

• $2623.42

• $2618.91

• $2632.58

Brynn takes out a 7% simple interest loan today that will be repaid 15 months from now with a payoff amount of $815.63. What amount is she borrowing?

• $397.87

• $887.00

• $1672.04

• $750.00

Tags

CCSS.7.RP.A.3

You take out a loan of $2450, agreeing to pay it back over 30 months at 4.6% add-on interest. What is the monthly payment for this loan?

• $5831.00

• $2731.75

• $91.06

• $194.37

Tags

CCSS.HSF.BF.A.2

For #38 on p. 749, find the average daily balance.

• $500.51

• $515.51

• $517.19

• $505.01

Tags

CCSS.6.NS.B.3

Determine the regular monthly payment of a $200,000 mortgage at 3.5% interest with a term of 15 years.

• $169.44

• $1694.44

• $142.98

• $1429.77

The type of interest in which accrued interest is periodically added to the principal and that total accrues interest for the next period is...

• Simple Interest

• Little to No Interest

• Compound Interest

• Waning Interest

Exemplified by credit cards and store charge cards, (a)   loans do not require regular monthly payments and can have more borrowed against them before paying off the initial loan borrowed.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

CCSS.RI.8.3