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1. |
Martha deposited $400 in a savings account. The account earns 7.15% interest annually. If she does not deposit or withdraw any money for 30 months, how much will she have in her account. |
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A. |
$610 |
B. |
$71.50 |
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C. |
$471.50 |
D. |
$210 |
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Hint |
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2. |
Find the total amount in the account to the nearest cent if $900 is deposited in an account with an annual interest rate of 6.25% for 7 months. |
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A. |
$393.75 |
B. |
$32.81 |
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C. |
$1,293.75 |
D. |
$932.81 |
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Hint |
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3. |
Cynthia opened a savings account with $1,250.00.The account pays 4.5% interest annually. If no transactions are made, how much will Cynthia have in her savings account in 3 years? |
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A. |
$1,264.06 |
B. |
$1,081.25 |
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C. |
$168.75 |
D. |
$1,418.75 |
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Hint |
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4. |
Nick borrowed $5,500.00 to purchase a used car. The bank charges 10.25% interest on Nick's loan for a period of 5 years. Find the amount of interest Nick will pay on his loan. |
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A. |
$2,818.75 |
B. |
$281.88 |
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C. |
$8,318.75 |
D. |
$5,781.88 |
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Hint |
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5. |
Find the simple interest to the nearest cent on $527.86 at 3.99% for 7.5 years. |
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A. |
$369.90 |
B. |
$157.96 |
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C. |
$685.82 |
D. |
$147.43 |
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Hint |
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