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Interest & Credit - MAT 213

Total questions: 5

Worksheet time: 3mins

Name
Class
Date
1.

Find the simple interest paid to borrow $4000 for 3.5 years at 8%.

a)

$112

b)

$112000

c)

$11200

d)

$1120

2.

Maria took out a simple interest loan for $425 with an interest rate of 2.25% and must repay it in 6 months. Find the future value of the loan. Round to the nearest cent.

a)

$429.78

b)

$4.78

c)

$482.38

d)

$57.38

3.

Calculate the compound interest compounded weekly and semi-annually and round to the nearest cent: (Select the two correct answers)


Investment of $1000 with an interest rate of 6% invested for 12 years.

a)

$2053.58

b)

$2050.75

c)

$2032.79

d)

$2054.31

4.

Find the effective annual yield of an account paying a nominal rate of 3.00% compounded monthly. Your percent answer should have two decimal places.

a)

3.00%

b)

3.04%

c)

3.1%

d)

3.05%

5.

Luis buys $8000 worth of furniture for her new home. She pays $2000 down and agrees to pay the balance at a 4% add-on rate for 2 years. Find the monthly payment.

a)

$3240

b)

$6480

c)

$270

d)

$540