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Simple and Compound Interest

Quiz by Elizabeth Ochoa

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6 questions
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  • Q1
    Clarissa 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 rate
    A 30-month loan with a 4.00% annual simple interest rate
    An 18-month loan with 4.75% annual simple interest rate
    A 24-month loan with a 4.25% annual simple interest rate
  • Q2
    Celeste 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?
  • Q3
    An 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?
  • Q4
    An 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?
  • Q5
    Ms. 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?
  • Q6
    Jacob 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?

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