Banqer High - Banking Quiz

If you have $120 in your bank account at the end of the year and your interest rate is 4% p.a., how much interest will you be paid?

• $120.00

• $48.00

• $4.80

• $4.00

You borrow $275 from the bank and don't repay any of it all year. If the interest rate is 7% per annum, how much interest will be owed at the end of the year and who will it be paid to?

• The bank will pay you interest of $192.50

• You will pay the bank interest of $192.50

• The bank will pay you interest of $19.25

• You will pay the bank interest of $19.25

In the last question you had $120 in your account and earnt $4.80 of interest, meaning you've now got $124.80. If you're earning compound interest of 4%, how much interest will you be paid at the end of this year if you don't take any money out?

• $49.93

• $5.00

• $4.80

• $4.00

Your parents put $100 in your bank account when you turn 13. If you don't spend any of it for 5 years, and the interest rate is 4% per annum, what will the total balance of your bank account be when you turn 18?

• $102,400.00

• $537.83

• $121.67

• $102.02

If you have an account balance of $123.50 and your teacher deposits $5 in your account, what is the new balance of your bank account?

• $617.50

• $128.50

• $118.50

• $6.18

Your bank will pay you interest of 4% each week if you deposit at least $200 per week, and don't withdraw any money during that week. Otherwise you will be paid 2% interest. Which of the following is the most accurate?

• You will be paid interest of 4% if you don't take any money out each week

• You will be paid interest of 4% if you don't put any money in and take $200 out each week

• You will be paid interest of 4% if you put $200 in each week

• You will be paid 4% if you put $200 in and don't take any money out each week

Your parents deposit $100 in your bank account on your 13th birthday. You spend none of it. Another $100 is deposited into your bank account on your 14th birthday - you withdraw $50 of it straight away. On your 15th birthday another $100 is deposited into your bank account, and don't spend any. If the interest rate is 4% p.a., how much money do you have in your bank account at the end of year 3?

• $270.57

• $252.00

• $250.00

• $54.40

ou have a bank account that has a notice period of 5 days. You've been saving money in this account to spend on holiday, and you leave on the 23rd of June. When do you need to provide your bank with notice that you want to withdraw money from your holiday account?

• When you get back from holiday and know eaxactly how much you've spent

• The 23rd of June

• The 18th of June

• You don't need to provide the bank any notice, it's your money so you can take it out whenever you want

If you plan on keeping a bank account for a whole year, which of these bank account fees is the cheapest?

• I don't have enough information to say

• $5 per week

• $15 per month

• $120 per year

What is something you should consider when choosing a bank account to open?

• Any notice periods on the account

• Whether you need another bank account

• Any fees that come with the bank account

• All of the above