Simple and Compound Interest

QuizÂ by Elizabeth Ochoa

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6 questions
• 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
60s
• 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?
\$3,000
\$1,600
\$4,600
\$1,400
300s
• 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?
\$229.09
\$2,693.12
\$2,250.00
\$450.00
120s
• 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?
\$21.25
\$2,125.00
\$212.50
\$21,250.00
60s
• 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?
\$2,662.50
\$2,513.00
\$2,825.00
\$2,835.56
60s
• 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?
1.9%
7.5%
5.8%
3.3%
120s

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