Simple Interest — Unit test Answers

Nicole deposits $2,136 in a savings account paying 5.36% interest. To the nearest dollar, how much money does Nicole have in total after nine years?a.$213b.$1,030c.$1,272d.$3,166

In the formula I=P·r·t, what does P stand for?a.Percent: the interest rate expressed as a percentageb.Principal: the amount of money you initially investedc.Period: how often the interest is calculatedd.Payout: how much money you end up with

Money is invested into an account earning 4.25% interest compounded annually. If the accumulated value after 18 years will be $25,000, approximately how much money is presently in the account?a.$5,875b.$11,820c.$19,125d.$23,960

An investment of $7,650 earns interest at the rate of 5% and is compounded quarterly. What is the accumulated value of the investment at the end of 9 years?a.$11,964.17b.$11,867.66c.$9,338.56d.$8,554.94

June has a savings account with an annual simple interest rate of 2.6%. She hopes to gain $6,500 in interest over a period of eleven years. To accomplish this, June invested $17,801 in the account, but later realized that this was not enough money. To the nearest dollar, how much more money should June have initially invested to reach her goal?a.$6,335b.$3,715c.$1,409d.$4,926

What is an example of goods?

How are digital wallets different from Peer-to-Peer (P2P) systems for in-person payments?

What is one purpose of studying economics?

Mariah is putting $5,270 into an account earning 3.75% interest compounded quarterly. She estimates that it will take just over 9 years for this investment to grow to $8,000. Which of the following is a true statement?a.Mariah’s estimate of the time is too low.b.Mariah’s estimate of the time is correct.c.Mariah’s estimate of the time is too high.d.Mariah does not have enough information to estimate the time.

Fiona wrote a check to the veterinarian for $89.56. She’ll use the check register to record her transaction. What will be her new balance?

In which column on a check register should the total current amount in the account be entered?

If having a warranty on a car is important, a person should buy a car that is .

Ike invests $7,660 in an account paying 7.27% simple interest annually. How much interest has Ike gained after four years?a.$222.75b.$2,227.53c.$1,392.20d.$13,922.05

Aliyah made a payment in the amount of $47.93. She’ll use the check register to record her transaction. What will be her new balance? Do not use commas in your answer.$

An investment of $8,350 earns 5.2% interest compounded monthly over 10 years. Approximately how much interest is earned on the investment?a.$4,342b.$5,513c.$5,679d.$13,863