Financial Applications: Question Preview (ID: 8043)


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Karl borrows $500 for 4 years at an annual simple interest rate of 12% per year. What is the amount that must be repaid?
a) $60 b) $240 c) $560 d) $740
Jasmine invests $400 at 8% annual interest, compounded annually. How much interest will be earned after 5 years?
a) $160 b) $187.73 c) $560 d) $587.73
If an amount is invested at 6.5% per year, compounded semi-annually, for 3 years, determine the number of compounding periods and the interest rate per compounding period.
a) n=3, i = 0.065 b) n= 6, i=0.0325 c) n=1.5, i=0.13 d) n=12, i=0.01625
An amount is deposited into an account that earns 9% per year, compounded quarterly. After 6 years, the amount in the account is $597.02. What is the present value?
a) $350.00 b) $355.98 c) $404.24 d) $421.36
Deanna invests $500 at 8% per year simple interest. She puts money in the bank on July 1 and takes it out on December 3. How much money does she take out?
a) $515.99 b) $506.99 c) $516.99 d) $517.99
Leon has $3000 that he wants to invest for 6 years. Which options should he choose? Option A: 5.2% annual interest, compounded quarterly OR Option B: 5% annual interest, compounded monthly.
a) Option A b) Option B c) Both Option A and B d) None
You invest $1000 at 6% per year, compounded quarterly, for 3 years. What interest rate, compounded monthly, will give the same results?
a) 4.25% b) 3.44% c) 5.15% d) 5.97%
An account paying 7.25% annual interest, compounded semi-annually, has a future value of $1429 in 8 years. What is the present value of the account? AND How much more interest will have been earned than if simple interest was paid?
a) $805.50; $145.76 b) $808.35; $151.81 c) $809.11; $153.71 d) $808.35; $149.83
To have $5000 at the end of 8 years, how much do you need to invest today, at 6% per annum, compounded semi-annually?
a) $2987.03 b) $3110.47 c) $3115.83 d) $3101.19
Jerry deposited $300 into an account that earns 6.7% annual interest, compounded daily. When he closed the account, the amount had grown to $348.56. How long was the money invested?
a) 800 days b) 813 days c) 817 days d) 821 days
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