Interest and TAX

Who will be liable for the full amount of VAT?

• Consumer

• Business

• Government

• Producer

VAT will be regarded as a direct tax.

• True

• False

VAT stands for

• Very Autocratic Triangle

• Virtual Appliance technology

• Very Artistic Teacher

• Value Added Tax

Find the balance in the account after the given period.

$12,000 principal earing 4.8% compounded annually after 7 years.

• $3,243.19

• $16,661.35

• $15,243.19

• $4,661.35

What is the formula for simple interest?

• A=P(1+r)^t
• I=Prt
• I=P(1+r)t
• A=Prt

A bank is offering 2.5% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in three years?

• $5375

• $375

• $3750

• $425

Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually,what will be the balance after 18 years?

• $6,248.76

• $6,314.08

• $3,105.14

• $6,427.94