Simple and Compound Interest

QuizÂ by Elizabeth Ochoa

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6 questions

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- Q1Clarissa needs a $2,500 loan to buy a car.Which loan option would allow her to pay the least amount of interest?A 36-month loan with a 4.50% annual simple interest rateA 30-month loan with a 4.00% annual simple interest rateAn 18-month loan with 4.75% annual simple interest rateA 24-month loan with a 4.25% annual simple interest rate60s
- Q2Celeste 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 Celeste would have to pay for each of these two loans?$3,000$1,600$4,600$1,400300s
- Q3An employee put $5,000 down in a retirement account that offers 9% interest compounded annually. The employee makes no additional deposits or withdrawals . Which amount is closest to the interest the employee will have earned at the end of 5 years?$229.09$2,693.12$2,250.00$450.00120s
- Q4An investor puts $2,500 into a life insurance policy that pays 8.5 % simple annual interest . If no additional investment is made into the policy, how much accumulated interest should the investor expect at the end of 10 years?$21.25$2,125.00$212.50$21,250.0060s
- Q5Ms. Perez deposited $2,500.00 in a new account at his bank. The bank pays 6.5% interest compounded annually on this account. Ms. Perez makes no additional deposits or withdrawals. Which amount is closest to the balance of the account at the end of 2 years?$2,662.50$2,513.00$2,825.00$2,835.5660s
- Q6Jacob opened a simple interest account with a deposit of $5,000. He did not make any additional deposits or withdrawals. At the end of 4 years, the balance of the account was $6,500. What is the annual interest rate on this account?1.9%7.5%5.8%3.3%120s