Module 2 Topic 2 Review

Noah invested $1500 in an account paying 2.5% simple interest. How much was his account worth after 5 years?

• $1687.50

• $187.50

• $2587.50

• $2969.22

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7.13.E

Micaela deposited $3000 in a retirement account that offers 5% interest compounded annually. She makes no additional deposits or withdrawals. Which amount is closest to the interest Micaela earned at the end of 2 years?

• $3308

• $3150

• $308

• $600

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7.13.E

Jose used to budget $500 each month for groceries. He decided to change his budget for groceries to $325 this month. By what percentage was Jose's budget for groceries reduced this month?

• 65%

• 20%

• 35%

• 10%

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7.4.D

Based on the table, which statement is true?

• Aaron spends 30% of his budget on his car.

• Aaron spends 25% of his budget on food and his cell phone.

• Aaron spends 50% of his budget on clothes and savings for college.

• Aaron spends 5% of his budget on other.

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7.13.B

The table below shows John's statement of his net worth. Assets are shown as positive numbers, and liabilities are shown as negative numbers. The value of John's student loan obligation is not given.

John’s net worth is $240,500. Based on the information in the table, what is the current value of John’s student loan obligation?

• -$48,500

• -$36,500

• -$23,000

• -$27,500

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7.13.C

Austin invested $4800 in each of his savings accounts. Account A pays 3.5% simple interest. Account B pays 3.5% compound interest, with interest compounded annually (at the end of each year).

Calculate the amount of interest that Austin will earn on his investment in Account A after 5 years.

• $480

• $840

• $5640

• $5480

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7.13.E

Austin invested $4800 in each of his savings accounts. Account A pays 3.5% simple interest. Account B pays 3.5% compound interest, with interest compounded annually (at the end of each year).

Calculate the amount of interest that Austin will earn on his investment in Account B after 5 years.

• $900.89

• $5700.89

• $4968.00

• $168.00

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7.13.E

Austin invested $2400 in each of his savings accounts. Account A pays 3.5% simple interest. Account B pays 3.5% compound interest, with interest compounded annually (at the end of each year). Which account will earn Austin more interest after 5 years? ​ ​ (a)  

How much more?​ ​ (b)  

• $60.89
• Account B
• Account A
• $30.45
• $10.80

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7.13.E

The table shows Rochelle's net worth statement. Assets are shown as positive values and liabilities are shown as negative numbers. Based on the information in the statement, what is Rochelle's net worth?

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7.13.C

Rebecca earns $2200 per month, of which 25% is taken out of her paycheck for taxes and other fees.

Calculate Rebecca's take-home pay.

(a)  

• $1,650
• $550

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7.4.D