Interest

Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?

• $150
• $192
• $1350
• $1392

Mikala deposited $5,000 in a savings account at the bank that pays 4% interest compounded annually. Which

equation could be used to find the value of the account after 3 years?

• 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

Michael Todd invested $8,000 in a 4-year Certificate of Deposit (CD) that pays 4.1% interest

compounded annually. What is the value of the CD at the end of the 4 years?

• $9,394.92

• $9,312.00

• $1394.00

• $1312.00

DaBaby deposited $500 in an account that earns 5% annual interest compounded annually. If he makes no withdrawals or deposits, how much interest will the account earn after 4 years?

• $600

• $100

• $607.75

• $107.75

Kanye West deposited $2,800 in a

savings account that pays 2.65% interest COMPOUND annually. What is the total

value of the account after 7 years?

• $562.57

• $3362.57

• $14,514.15

• $2,569,680

Youngboy used his credit card to buy a 90-inch HD flat-screen TV for $2,600. The credit card company charges 28% compound interest per year. If Youngboy made no payments for 2 years, how much would he owe the credit card company?

• $5,069.84

• $4,259.84

• $4,772.18

• $4,056.00

Your 3 year investment of $20,000 received 5.2% interest compounded annually.  What is your total return?

• $23,285.05
• $3,285.05
• $2,385
• $32,285

You borrowed $59,000 for 2 years at 11% which was compounded annually. How much interest will the account have earned?

• $13,693.90

• $1,363.90

• $72,693.90

• $73,793.90

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 balance at the end of 2 years?

• $13,693.90

• $1,363.90

• $72,693.90

• $73,793.90