Math TEK 7.13E Quiz

Avery borrowed $5000 from William to start a small business. If William charged an interest rate of 4% per year, how much would Avery owe in interest after 3 years?

• 600

• 1200

• 800

• 400

Calculate the compound interest on a principal amount of $2000 at an interest rate of 6% per year compounded annually for 5 years.

• $600.00

• $800.00

• $1000.00

• $671.16

Find the total amount when $8000 is invested at an interest rate of 3% per year compounded semi-annually for 2 years.

• $8,487.04

• $8,700.00

• $8,600.00

• $8,400.00

Calculate the simple interest on a principal amount of $3000 at an interest rate of 5% per year for 4 years.

• 600

• 700

• 500

• 400

Benjamin has invested $4000 in a savings account that offers an interest rate of 8% per year, compounded quarterly. If he plans to keep the money in the account for 6 years, how much compound interest will he earn?

• $5500.00

• $5866.85

• $6000.00

• $5866.85

Find the total amount when $6000 is invested at an interest rate of 2% per year compounded monthly for 3 years.

• $6300.00

• $6200.00

• $6400.00

• $6363.34

Calculate the simple interest on a principal amount of $7000, at an interest rate of 6% per year, for 2 years.

• $8400

• $1260

• $420

• $840

Calculate the compound interest on a principal amount of $1000 at an interest rate of 10% per year compounded annually for 4 years.

• $1000

• $1100

• $1200

• $1464.1

Find the total amount when $9000 is invested at an interest rate of 4% per year compounded semi-annually for 5 years.

• $10,250.00

• $10,000.00

• $10,556.63

• $10,500.00

Lily, Evelyn, and Daniel decided to invest in a small business. They pooled together $2000 as the principal amount. If the business promised an interest rate of 3% per year, how much simple interest would they earn after 3 years?

• 150

• 210

• 250

• 180