Post - Assessment Review (Part 1)

Serena earned $475 from babysitting last summer.

She deposited this money in an account that pays a simple interest rate of 3.8%. What will be the amount of interest earned after 15 years?

• $3182.50

• $270.75

• $2707.50

• $745.75

Colton invested $1,900 at 4% interest compounded daily for 3 years. What was the balance in the account after 3 years?

• $2,242.15

• $2142.07

• $2142.23

• $3,197.60

Lacy got $2,000 for graduation when she was 18 and invested at 12% interest, compounded continuously. If she withdrew it at age 24 to purchase a car, what was the balance in the account?

• $3458.25

• $3158.25

• $4,584.45

• $4,108.87

Michael would like to save for a new truck in 10 years. How much does he need to deposit each month in an account to have $45,000 in an account that earns 5.2% compounded monthly?

• $1,945.56

• $1,809.25

• $286.71

• $348.56

Jeremy bought a $2,500 bicycle on an installment plan. The installment agreement included a 10% down payment and 18 monthly payments of $135.75 each. How much was the total cost of the bicycle?

• $2,443.50

• $25.00

• $2693.50

• $13.58

You applied for a credit card from a local bank. You were given a card with an APR of 15.6%. If you have an average daily balance of $3,254 and had to pay a finance charge, how much would your finance charge be?

• $4,230.20

• $423.02

• 42.30

• $42.31

At the start of the month, John has $1,500 in his checking account. He withdraws $60 from an ATM and then deposits his paycheck of $1,600. Later in the month, he pays bills online amounting to $200 and $100. What is the current balance in his checking account at the end of the month after these transactions?

• $2740

• $2850

• $90

• $3150

Carson wants to take out a $30,000 loan at 5% interest rate. John can only afford a monthly payment of $550.  What should the length of the loan be?  Round your answer to the nearest year.

• 4 years

• 3 years

• 5 years

• 7 years

Julian is taking out an $8,700, 3 ½ -year loan with an APR of 9.31%.  

What will be the monthly payment for this loan?

• $255.78

• $243.52

• $135.64

• $234.65

Joe had a credit line of $5,000. After reviewing his credit card statement, Calculate his Available Credit

• $406.00

• $939.00

• $4,061

• $5,000