AMDM - Unit 7 Test

Hei-Hei has $1500 in a retirement account earning 5% interest compounded annually. After 5 years how much does Hei-Hei have in the account?

• $1750

• $2010.14

• $2500

• $1914.42

Semi-Annually means how many times a year?

• 4 
• 2
• 1
• 6

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years.

• $15,415.94
• $15,683.28
• $15,927.56
• $16,109.05

Coach Maier once had a job where he made $24 an hour (he works 8 hours a day and five days a week). During that time, federal tax was 12%, state tax was 6.7%, Medicare was 2.3% and Social Security was 1.2%. He paid $210 for health insurance and saved 2% (before taxes) for retirement. How much was his MONTHLY take home pay?

• $2943.28

• $4160.00

• $923.52

• $3236.48

Coach Maier started late in life saving for retirement. He is investing $390 each month in an account that earns 11% interest annually. If he started at 33 years old, about how much will he have when he retires at 68?

• $1.6 million

• $830k

• $2.4 million

• $150k

Coach Maier bought his daughter a car. The cost of the car was $23,675.00. Tax was 6.8%. Title, registration and other fees were $1770. He made an $8,000 down payment. He got a five year (60 month) loan with an interest rate of 5.77%. What is his monthly payment?

• $366.35

• $236.75

• $633.65

• $577.00

Coach Maier bought his daughter a car. The cost of the car was $23,675.00. Tax was 6.8%. Title, registration and other fees were $1770. He made an $8,000 down payment. He got a five year (60 month) loan with an interest rate of 5.77%. How much INTEREST will he pay?

• $366.35

• $2926.11

• $1770.00

• $2365.70