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Financial Literacy Review

Total questions: 79

Worksheet time: 5hrs 49mins

Name
Class
Date
1.

What is the simple interest on a loan of $2000 at a rate of 5% per year for 3 years?

a)

$300

b)

$100

c)

$150

d)

$200

2.

If you borrow $5000 at a simple interest rate of 4% for 4 years, what will be the total amount you have to pay back?

a)

$5800

b)

$6000

c)

$6400

d)

$6800

3.

Calculate the simple interest on $1500 for 2 years at an annual interest rate of 6%.

a)

$180

b)

$200

c)

$220

d)

$1800

4.

What will be the total payment for a loan of $2500 taken at a simple interest rate of 8% for 3 years?

a)

$600

b)

$2800

c)

$900

d)

$3100

5.

If $1500 is invested at a simple interest rate of 4.5% per year, how much interest will be earned in 3 years?

a)

$180

b)

$202.5

c)

$225

d)

$270

6.

The Henley’s took out a new home loan for $195,000 at a simple interest rate of 4.3%. How much will they pay in interest after 30 years?

a)

$446,550

b)

$2515.50

c)

$25,155

d)

$251,550

7.

Riley invested $1,000 in a savings account. If the account earns 6.75% simple interest, what is the balance in her account after 15 years?

a)

$1,012.50

b)

$10,012.50

c)

$2,012.50

d)

$201.25

8.

What would be the total amount of your student loan, if you had to pay back a loan of $10,550, at a rate of 3% over the course of 10 years ?
(Find the amount of interest and add it back to the amount of the loan.)

a)

$13,715

b)

$3165

c)

$31,650

d)

$10,550

9.
How do you calculate the balance in an account, with interest?
a)
Subtract the interest from the principle amount
b)
Multiply the principle, rate and time
c)
Add the interest to the principle amount
d)
Add the principle amount and the time
10.
If you are calculating the simple interest and you are given the time in months, how can you find the time in years?
a)
Add 12 to the months
b)
divide the months by 12
c)
multiply 12 times the months
d)
You cannot change it to months.
11.
Ann puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?
a)
4
b)
8
c)
12
d)
16
12.

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest will be earned?

a)
$7.50
b)
$26.25
c)
$87.5
d)
$262.50
13.
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
14.
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
15.
What does the "r" in the interest formula stand for?
a)
Principal
b)
Interest
c)
rate
d)
time
16.
What does the "I" in the interest formula stand for?
a)
Important
b)
Interest
c)
Internet
d)
Igloo
17.
Write the decimal as a percent. 
0.37
a)
37%
b)
3.7%
c)
.37%
18.
Convert 18 months to years. 
a)
18 Years
b)
1.5 Years
c)
.18 Years
d)
You cannot change it to years.
19.
The simple interest formula is I=Prt.  What does the t represent?
a)
Principle
b)
Interest
c)
Time, in hours
d)
Time, in years
20.
Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?
a)
$120
b)
$144
c)
$1,200
d)
$1,440
21.
Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?
a)
95
b)
105
c)
125
d)
135
22.
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
23.

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays a simple interest rate of 3.8%. What will be the amount of interest earned after 15 years?

a)

$3182.50

b)

$270.75

c)

$2707.50

d)

$745.75

24.

Emily’s parents put $1500 in her bank account for college tuition at a simple interest rate of 8.25%. What will be the balance after 18 years?

a)

$22,275

b)

$2227.50

c)

$12,375

d)

$3727.50

25.

Mark took out a loan for $25,690 to purchase a new truck at a simple interest rate of 5.2%. How much interest will he pay on his truck after 5 years?

a)

$6,679.40

b)

$32,369.40

c)

$66,794

d)

$679.40

26.

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% simple interest. If she spent $7400 on furniture, how much will she have paid in total after 8 years?

a)

$5624

b)

$13,024

c)

$56,240

d)

$1302.40

27.

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% simple interest. If she spent $7400 on furniture, how much will she have paid in total after 8 years?

a)

$5624

b)

$13,024

c)

$56,240

d)

$1302.40

28.

Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% simple interest, how much will she have in total in her account at the end of 10 years?

a)

$8700

b)

$38,700

c)

$870

d)

$3,870

29.

Riley invested $1,000 in a savings account. If the account earns 6.75% simple interest, what is the balance in her account after 15 years?

a)

$1,012.50

b)

$10,012.50

c)

$2,012.50

d)

$201.25

30.

Shawn is buying a new jet ski for $12,500. His Credit Union offers 8.5% simple interest. How much interest will Shawn pay on his Jet Ski after 18 months?

a)

$1593.75

b)

$19,125

c)

$159,375

d)

$14,093.75

31.

Jane received $875 from her graduation party. She put the money in a bank with a 4% simple interest rate. How much interest will she have earned after 7 years?

a)

$205

b)

$225

c)

$245

d)

$2,250

e)

$2,450

32.
What is the formula for simple interest?
a)
A=P(1+r)t
b)
I=Prt
c)
I=P(1+r)t
d)
A=Prt
33.
The simple interest formula is I=Prt.  What does the t represent?
a)
Principle
b)
Interest
c)
Time, in hours
d)
Time, in years
34.
9 months is how many years?
a)
.5
b)
.75
c)
.25
35.
Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?
a)
$120
b)
$144
c)
$1,200
d)
$1,440
36.

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

a)

$160

b)

$800

c)

$80,000

d)

$16

37.

Question #7

Ike invests $7,660 in an account paying 7.27% simple interest annually. How much interest has Ike gained after four years?

A. $222.75

B. $2,227.53

C. $1,392.20

D. $13,922.05

a)

A

b)

B

c)

C

d)

D

38.

Caiden earned $475 from mowing lawns last summer.He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?

a)

$827.52

b)

$831.10

c)

$839.45

d)

$846.80

39.
Your 3 year investment of $20,000 received 5.2% interest compounded annually.  What is your total return?
a)
$23,285.05
b)
$3,285.05
c)
$2,385
d)
$32,285
40.
You borrowed $59,000 for 2 years at 11% which was compounded annually.  What total will you pay back?
a)
$13,693.90
b)
$1,363.90
c)
$72,693.90
d)
$73,793.90
41.
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
42.

Hei-Hei has $1500 in a retirement account earning 5% interest compounded annually. After 5 years how much does Hei-Hei have in the account?

a)

$1750

b)

$2010.14

c)

$2500

d)

$1914.42

43.

Jacob borrows $500 from Abraham and agrees to have the loan compounded annually for 5 years with an interest rate of 2.5%. How much will the total amount be that Jacob owes?

a)

$565.70

b)

$262609.38

c)

$65.70

d)

$630.20

44.

If you wanted to amount of interest an account has earned after being compounded annually. What would you have to do after you found "A" using the formula A=P(1+r)t ?

a)

Add A (total amount) plus P (original amount)

b)

Subtract A (total amount from P (original amount)

c)

Add P (original amount) plus A (total amount)

d)

Subtract P (original amount) from A (total amount)

45.

The A means ____________ in compound interest

a)

annual

b)

amount in account

c)

answer

d)

accrued debt

46.

In the compound interest formula A=P(1+r)t what does the P stand for?

a)

The time

b)

The total amount

c)

The principal amount (original amount)

d)

The interest rate

47.

Trevor wants to have $4000 saved up in 3 years for a car. If he invests $1500 in a savings account that is compounded annually at an interest rate of 12%, will he have enough money at the end of the 4 years?

a)

Yes

b)

No

48.

Daniel invests $360 in a bank account that is compounded annually for 8 years with an interest rate of 5.5%. What will be the total amount in the account after the 8 years is over?

a)

$625.88

b)

$950.12

c)

$315.45

d)

$552.49

49.
Your 3 year investment of $20,000 received 5.2% interest compounded annually.  What is your total return?
a)
$23,285.05
b)
$3,285.05
c)
$2,385
d)
$32,285
50.
You borrowed $59,000 for 2 years at 11% which was compounded annually.  What total will you pay back?
a)
$13,693.90
b)
$1,363.90
c)
$72,693.90
d)
$73,793.90
51.
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
52.
You borrowed $1,690 for 5 1/2 years at an interest of 5.7% compounded annually.  How much extra did you pay by taking out the loan?
a)
$602.45
b)
$2,292.45
c)
$1,87.55
d)
$3,982.45
53.
You invested $1,900 at 4% interest compounded annually for 3 years.  How much interest did you earn in 3 years?
a)
$2,372.40
b)
$237.24
c)
$2,137.24
d)
$3,197.60
54.
Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 year?
a)
$827.52
b)
$831.10
c)
$839.45
d)
$846.80
55.

If $1,000 is invested at 16% interest, compounded annually, for five years, what is the ending balance?

a)

$1,225,54

b)

$2,100.34

c)

$22,255.40

d)

$225.54

56.

Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much interest will she earn in 10 years?

a)

$915.59

b)

$933.28

c)

$979.81

d)

$1,005.09

57.

Treasure won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much total will she have in 10 years?

a)

$4915.59

b)

$3933.28

c)

$2979.81

d)

$4005.09

58.

Heather invested $8,000 in a 4-year Certificate of Deposit (CD) that pays 4.1% interest compounded annually. What is the value of the CD at the end of the 4 years?

a)

$9,394.92

b)

$9,312.00

c)

$1394.00

d)

$1312.00

59.

Krystal has $3000 invested at a 2% interest rate. Which expression can be used to determine how much money Krystal had after 16 years?

a)

A=3000(1+.02)16A=3000\left(1+.02\right)^{16}

b)

A=3000(1−.02)16A=3000\left(1-.02\right)^{16}

c)

A=16(1+.2)3000A=16\left(1+.2\right)^{3000}

d)

A=3000(.2)16A=3000\left(.2\right)^{16}

60.

Audrey deposited $2,800 in a

savings account that pays 2.65% interest compounded annually.

What is the total value of the account after 7 years?

a)

$562.57

b)

$3362.57

c)

$14,514.15

d)

$2,569,680

61.

Steve deposited $5,000 in a savings account that pays 4% interest compounded annually.


Which equation could be used to find the value of the account after 3 years?

a)

A = 5,000(1 + 4)3

b)

A = 5,000(1 + 0.04)3

c)

A = 5,000(1 + 0.4) x 3

d)

A = 5,000(0.04)3

62.

Find the INTEREST for a six-year CD for $5000 at an interest rate of 4%, compounded annually.

a)

$1,326.60

b)

$6,326.60

c)

$5,100.84

d)

$100.84

63.

Sara takes out a $30000 loan for her new Honda Civic. She will pay back the entire loan at the end of 8 years. It is a compound interest loan with an interest rate of 7.25%. How much will she have to pay at the end of 8 years?

a)

$17400.00

b)

$30725.00

c)

$52516.97

d)

$2351982.31

64.

If everything else is the same, which is better for the lender, a simple interest loan or a compound interest loan?

a)

Simple Interest

b)

Compound Interest

c)

They are the same.

65.

Garrison

deposited $500 in an account that earns 5% annual interest compounded annually. If he makes no withdrawals or deposits, how

much interest will the account earn after 4 years?

a)

$600

b)

$100

c)

$607.75

d)

$107.75

66.

Steve deposited

$5,000 in a savings account that pays 4% interest compounded annually. Which

equation could be used to find the value of the account after 3 years?

a)

A = 5,000(1 + 4)3

b)

A = 5,000(1 + 0.04)3

c)

A = 5,000(1 + 0.4) x 3

d)

A = 5,000(0.04)3

67.

In some investment accounts interest is computed on interest that has been earned in previous years. What is this method of computing interest called?

a)

compound interest

b)

double interest

c)

simple interest

d)

not enough information

68.

Anne deposited $500 in an

account that earns 6% simple annual interest.

Shelly deposited $500 in an account that earns 6% annual interest

compounded annually. They leave the

money in the account for 4 years. Which

statement is true about the two investments after 4 years?

a)

Shelly will have $131.24 more in her account

than Anne has in her account.

b)

They will have the same

amount in their accounts.

c)

Shelly will have $11.24 more

in her account than Anne has in her account.

d)

Anne will have $11.24 more in

her account than Shelly has in her account.

69.
Holly is taking out a loan in the amount of $10,000.  Her choices for the loan are a 4-year loan at 4% simple interest and a 6-year loan at 5% simple interest.  What is the difference in the amount of interest Holly would have to pay for each of these two loans?
a)
$1,600
b)
$3,000
c)
$4600
d)
$1,400
70.
Olivia will deposit $1,530 in an account that earns 6% simple interest every year.  Her sister Melinda will deposit $1,500 in an account that earns 8% interest compounded annually.  The deposits will be made on the same day, and no additional money will be deposited or withdrawn from the accounts.  Which statement about the balances of Olivia's account and Melinda's account at the end of 3 years is true?
a)
Olivia's account will have about $5.40 more than Melinda's account.
b)
Olivia's account will have about $84.17 more than Melinda's account.
c)
Melinda's account will have about $5.40 more than Olivia's account.
d)
Melinda's account will have about $84.17 more than Olivia's account.
71.
Nicolas has $650 to deposit into two different savings accounts.
    1) Nicolas will deposit $400 into Account 1, which earns 3.5% annual simple interest.
    2) Nicolas will deposit $250 into Account 2, which earns 3¼% interest compounded annually.
Nicolas will not make any additional deposits or withdrawals.  Which amount is closest to the total balance of these two accounts at the end of 2 years?
a)
$672.13
b)
$695.00
c)
$694.25
d)
$694.51
72.
Mr. Wilkins deposited $2,500 in a new account at his bank.
       *The bank pays 6.5% interest compounded annually on this account.
       *Mr. Wilkins makes no additional deposits or withdrawals.
Which amount is closest to the balance of the account at the end of 2 years?
a)
$2,835.56
b)
$2,513.00
c)
$2,662.50
d)
$2,825.00
73.

John deposits $14,000 into each of two accounts.

- Account 1 earned 6% interest compounded annually

- Account 2 earned 8% annual simple interest

What is the sum of the balances after 3 years?

a)

$34,034.22

b)

$20,034.22

c)

$46,335.36

d)

$24,500.75

74.

Jared made an initial investment of $16,500 into his retirement account. It will pay 10% interest compounded annually. How much interest will he have earned after five years?

a)

$10,073.42

b)

$26,573.42

c)

$24,646.24

d)

$8,042.42

75.

Raquel invested $8,000 into an account that pays 12% interest compounded annually. What will the balance of her account be after ten years?

a)

$24,846.79

b)

$26,460.24

c)

$16,846.78

d)

$12,460.24

76.

John deposits $14,000 into each of two accounts.

- Account 1 earned 6% interest compounded annually

- Account 2 earned 8% annual simple interest

What is the sum of the balances after 3 years?

a)

$34,034.22

b)

$20,034.22

c)

$46,335.36

d)

$24,500.75

77.
Bruno was given $2000 when he turned 3 years old.  His parents invested it at a 2% interest rate compounded annually.  No deposits or withdrawls were made.  Which expression can be used to determine how much money Bruno had in the account when he turned 16? 
a)
2000(1+0.02)13
b)
2000(1-0.02)13
c)
2000(1+0.02)16
d)
2000(1-0.02)16
78.
Jill is opening a savings account with $4,000.  She has two options.  Option 1 earns simple interest at a rate of 2%.  Option 2 earns compound interest at a rate of 1.5%.  If Jill plans to keep the account open for 5 years, which option will earn her more money in interest?
a)
 Option 1 is better because she will earn $50 more than Option 2.
b)
Option 2 is better because she will earn $91 more than Option 1.
c)
Option 1 is better because she will earn $91 more than Option 2.
d)
Option 2 is better because she will earn $50 more than Option 1.
79.

Jose wants to save money for a house and finds two accounts that pay 3% in interest. He wants to invest $3000. He has 2 options to invest his money. Option A is a simple interest account with a time period of 10 years. Option B is a compound interest account with a time period of 12 years. What would be his account balance in Option B?

a)

$4,277.28

b)

$900

c)

$1,277.28

d)

$1,080

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