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Paycheck/Interest TEST

Total questions: 21

Worksheet time: 1hrs 5mins

Name
Class
Date
1.

Dash puts $4125 into an account using compounded continuously. If he keeps the money in the account for 5 years and now has a total of $4193.89. What is the interest rate?

a)

0.033%

b)

0.025%

c)

0.053%

d)

0.052%

2.

Damara invests $3500 at 2% compounded continuously for 5 years. How much will she have in her account after 5 years?

a)

$3868.10

b)

$3886.10

c)

$3688.10

d)

$3286.10

3.

Abhasra invests $8,911 in a retirement account with a fixed annual interest rate of 7.71% compounded continuously. What will the account balance be after 20 years?

a)

$41,649.38

b)

$51,649.38

c)

$61,649.38

d)

$71,649.38

4.
Principal: $5000
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.
a)
$12712.31
b)
$12,749.30
c)
$12,657.59
d)
$12550.84
5.
Your 6 year investment of $40,000 at 14% interest compounded annually is worth how much now?
a)
$47,798.90
b)
$87,798.90
c)
$127,798
d)
$7,798
6.

Elizabeth earns $2200.00 per month. She wants to put 15% into savings each month. How much should she deposit into her savings account?

a)

$1870

b)

$330

c)

$2530

d)

$150

7.

Your bill at a restaurant is $52.00. You want to leave a 20% tip, so how much should the tip be?

a)

$5.20

b)

$62.40

c)

$10.40

d)

$20.00

8.

Blondes account for 13% of the students at Old High. If there are 1200 students enrolled, how many have blond hair?

a)

130

b)

13

c)

1044

d)

156

9.

Being paid $123,000 a year is the same as $__________ weekly.

a)

$2365

b)

$3265

c)

$1478

d)

$8871

10.

Being paid $76,000 a year is the same as $__________ weekly.

a)

$1461

b)

$2238

c)

$6333

d)

$875

11.

Being paid $725 bi-weekly is the same as $_________ weekly.

a)

$362

b)

$1450

c)

$2900

d)

$175

12.

Being paid $1200 bi-weekly is the same as $_________ weekly.

a)

$600

b)

$2400

c)

$400

d)

$62,400

13.

Being paid $3755 monthly is the same as $_________ annually.

a)

$45,060

b)

$15,020

c)

$1,877

d)

$53,275

14.

Being paid $7349 monthly is the same as $_________ annually.

a)

$88,188

b)

$32,578

c)

$3,485

d)

$132,872

15.

Harry has $64.28 in his checking account. During the week he goes to the ATM and withdraws $20. Harry is charged a usage fee of $2.50 for using the ATM. The next week he deposits his paycheck of $243.82. He writes two checks: one for $55.37 and the other for $17.31. What is the current balance in Henry’s checking account?

a)

$212.92

b)

$183.82

c)

$321.76

d)

$198.47

16.

Which tends to be a 'larger' amount of money? Gross or Net Pay?

a)

Gross Pay

b)

Net Pay

17.

How can we calculate Net Pay?

a)

Gross Pay + Deductions

b)

Gross Pay - Deductions

c)

Gross Pay x Deductions

d)

Gross Pay / Deductions

18.

David's gross income: $127.25

David's deductions: $25.20

David's net pay: ?

a)

$102.05

b)

$102.45

c)

$112.05

d)

$152.45

19.

Ruth earns $13.25/hour. She works 40 hours/week. $90.72 is deducted each week. What’s her net pay?

a)

$439.28

b)

$530

c)

$493.43

d)

$90.72

20.

Rachel works as a police officer and makes $23.97 er hour. Rachel works 43 hours each week. Calculate the gross pay per year.

a)

$10,307.10

b)

$7,214.97

c)

$53,596.92

d)

$1,030.71

21.
Amounts subtracted from your gross pay
a)
Deductions
b)
Income
c)
Taxes
d)
Gross Pay