KAP Personal Financial Literacy Review (Test 5)

KAP Personal Financial Literacy Review (Test 5)

6th - 8th Grade

16 Qs

quiz-placeholder

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KAP Personal Financial Literacy Review (Test 5)

KAP Personal Financial Literacy Review (Test 5)

Assessment

Quiz

Mathematics

6th - 8th Grade

Practice Problem

Easy

Expressions/Equations, TEKS.MATH.8.12A

Standards-aligned

Created by

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Rosanna needs a loan of $20,000 for a down payment for a home. The loan charges 2.9% simple interest. How much will it cost to repay the loan after 4 years?

$2,320

$22,320

$23,200

$43,200

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Angelina has to take out a loan for $18,000. Which option will allow her to pay the least amount of interest?

A 7-year loan at 5.9% simple interest.

A 6-year loan at 5.75% simple interest.

A 5-year loan at 6% simple interest.

An 8-year loan at 6.2% simple interest.

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

An employee put $5,000.00 in a retirement account that offers 9% interest compounded annually. The employee makes no additional deposits or withdrawals. Which amount is closest to the interest the employee will have earned at the end of 5 years?

$229.09

$450.00

$2,250.00

$2,693.12

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

John deposits $14,000 into each of two accounts.

- Account 1 earned 6% interest compounded annually

- Account 2 earned 8% annual simple interest

What is the sum of the balances after 3 years?

$34,034.22

$20,034.22

$46,335.36

$24,500.75

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Stephanie deposits $10,000 into each of two savings accounts:


- Account 1 earned 4.8% annual simple interest over a 2 year period

- Account 2 earned 6% annual simple interest over an 3 year period

Stephanie does not make any other deposits or withdrawals. What is the difference in the amount of interest earned between account 1 and account 2 by the end of each period?

$840

$860

$640

$940

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Carlos needs to take out a loan for $8,350. His choices are a 5-year loan at 5.3% simple interest and a 7-year loan at 5.5% simple interest. What will be the difference in the amount of interest charged between the 2 loans?

$1,002

$10,020

$102

$4,520

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Mr. Wilkins deposited $2,500.00 into a new account at his bank.

The bank pays 6.5% interest compounded annually on this account.

Mr. Wilkins makes no additional deposits or withdrawals.

Which amount is closest to the balance of the account at the end of 2 years?

$2,835.56

$2,513.00

$2,662.50

$2,825.00

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