S2_Consumer Math_U2 Test_B

At the end of a 5-year term, what is the balance of an $8,000 investment at a rate of 1.8 percent compounded semi-annually? Round to the nearest dollar.

• $8,000

• $8,720

• $8,750

• $9,382

Growth curve A represents $200 saved at 2.5 percent simple interest. Growth curve B represents $200 saved at 2.5 percent interest, compounded quarterly.

What is the approximate difference between the two accounts in 20 years?

• 50

• 100

• 10

• 25

Ray opened a savings account with $600 at 4.5 percent interest, compounded quarterly, and kept it in the account for two years. How much was the final amount? Round to the nearest dollar.

• 696

• 680

• 668

• 656

Which account earns more interest?

 

$20,000; 3%; interest 4y

$20,000; 1.5%; interest 10y

• The account with 3% interest.

• The account with 1.5% interest.

• They will earn the same amount

Use the passbook to answer the question.

   

What is his balance E after another deposit is made?

• 144.36

• 146.98

• 150.02

• 152.98

Kathy began with a balance of $96.54 in her checking account this month. She deposited $175.88 and wrote checks for $83.70, $56.15, and $93.42.

How much will she have to deposit in order to pay her rent of $280.00?

• $202.38

• $240.85

• $267.88

• $286.58