WorksheetsCh. 5 Compound Interest Test
Total questions: 10
Worksheet time: 3600secs
Alicia Martin’s savings account has a principal of $1,200. It earns 6% interest. How much simple interest will she earn after 9 months?
$36.00
$1,236.27
$1,254.81
$54.00
Alicia Martin’s savings account has a principal of $1,200. It earns 6% interest compounded quarterly. How much compound interest will she earn after 9 months?
$54.81
$54.80
$1254.81
$1254.80
Lena Green’s bank computes 4 percent simple interest on a daily basis. She has $1,000 in the account. Ten days later, she makes a deposit of $600. 15 days later, she withdraws $400 and the balance earns interest for 6 days. What is the amount in the account at the end of the month?
$1,204.52
$1,204.53
$1,204.51
None of the above
The Walsh’s opened a savings account with a deposit of $2,000 on January 1. The account pays interest at 4.75% compounded semi-annually. On July 1 they deposited another $2,000. What amount will they have in their account on July 1?
$2,047.50
$4,047.49
$4,047.50
$2,047.29
The Walsh’s opened a savings account with a deposit of $2,000 on January 1. The account pays interest at 4.75% compounded semi-annually. On July 1 they deposited another $2,000. What amount will the Walsh's have in the account on the next January first?
$143.62
$4,143.63
$4,143.62
$143.63
The Walsh’s opened a savings account with a deposit of $2,000 on January 1. The account pays interest at 4.75% compounded monthly. On March 1 they deposited another $2,000. How much compound interest have the Walsh's earned by April 1?
$4031.77
$4031.76
$31.77
$31.76
On March 31, John Freeland deposits $4500 into his savings account. The account pays 5.5% and is compounded daily. How much is in his account on August 18 and how much compound interest did he earn?
4588.96; 88.96
4588.97; 88.97
4595.89; 95.89
4595.90; 95.90
Battle Ground bank pays 15 percent interest compounded monthly on regular savings account. Martha Luna deposited $4,000 for 2 years. She made no other deposits or withdrawals. Using the Compound Interest Table, figure out how much interest Martha earned during the 2 years?
$5,389.40
$1389.40
$3,313.46
$1.34735
Josh Ragsdale opens a savings account with $10,000. The account pays 12% interest and is compounded monthly. At the end of each month he deposits another $1000. How much will he have in his account after 6 months?
$16,767.22
$16,767.21
$10,510.10
$10,615.20
