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WorksheetsApplied Math - Finance - Quiz 2 - Saving
Total questions: 15
Worksheet time: 35mins
Name
Class
Date
1.
The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.
a)
fraction
b)
decimal
c)
ratio
d)
dollar amount
2.
The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.
a)
the amount of money borrowed or deposited
b)
the percent interest for his year
c)
the amount taxed
d)
the amount the bank owes you for being a customer at their bank
3.
Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?
Interest rate = 2.5%
TIme = 3 years.
How much interest?
a)
$7.50
b)
$26.25
c)
$87.5
d)
$262.50
4.
The simple interest formula is I=Prt. What does the t represent?
a)
Principle
b)
Interest
c)
Time, in hours
d)
Time, in years
5.
Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?
a)
$150
b)
$192
c)
$1350
d)
$1392
6.
What is 7.25% converted to a decimal?
a)
.725
b)
0.725
c)
0.0725
d)
7.25
7.
9 months is how many years?
a)
.5
b)
.75
c)
.25
8.
If you pay your loan quarterly how many times a year must you make your payment?
a)
26
b)
1
c)
4
d)
52
9.
Emily would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years.
a)
$15,415.94
b)
$15,683.28
c)
$15,927.56
d)
$16,109.05
10.
Karla invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Karla earn in 15 years?
a)
$1,584.62
b)
$2,651.39
c)
$2,706.86
d)
$1,825.10
11.
Monthly means how many times a year?
a)
4
b)
12
c)
52
d)
365
12.
Your returns (or interest rate) are 8% a year. How long before your investment doubles?
a)
9 years
b)
8 years
c)
7 years
d)
Never
13.
Your returns (or interest rate) are 6% a year. How long before your investment doubles?
a)
18 years
b)
16 years
c)
12 years
d)
8 years
14.
How many years will it take $4000 to double with a 5% interest rate?
a)
1440
b)
14.4
c)
55.5
d)
80
15.
Bill has a taxable income of $33,500. If Bill decides to put $5,000 into an IRA, how much money will be saved on income tax if the tax rate is 23%?
a)
$750
b)
$1,150
c)
$1,550
d)
$1,950
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