# Find The Accumulated Amount At The End Of 6 Months On A 160 Bank Deposit Paying

Find the accumulated amount at the end of 6 months on a \$160 bank deposit paying simple interest at a rate of 4% per year.

a) \$167.20

b) \$163.20

c) \$165.20

d) \$161.20

e) \$166.20

f) None of the above.

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Question 2

Mr. Smith wishes to retire in 13 years. When he retires he would like to have \$300,000 in his bank account. Mr. Smith’s bank pays 8% per year compounded annually. How much should he deposit now to attain his goal?

a) \$110,306.38

b) \$110,309.38

c) \$110,305.38

d) \$110,307.38

e) \$110,311.38

f) None of the above.

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Question 3

A grandmother deposited \$1,000 in an account that pays 8% per year compounded annually when her granddaughter was born. What will the value of the account be when the granddaughter reaches her 13th birthday?

a) \$2,729.62

b) \$2,719.62

c) \$2,689.62

d) \$2,699.62

e) \$2,709.62

f) None of the above.

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Question 4

In order to purchase a new freezer in 2 years, the Steakhouse Restaurant has decided to deposit \$1,000 in an account that earns 2% per year compounded monthly for 2 years. How much money will be in the account in 2 years?

a) \$1,050.78

b) \$1,030.78

c) \$1,070.78

d) \$1,010.78

e) \$1,040.78

f) None of the above.

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Question 5

Stor-Away Co. needs to buy a new forklift. The company decides to deposit \$2,300 in an account that earns 2% per year compounded semiannually. How much will the investment be worth in 2 years?

a) \$2,363.39

b) \$2,413.39

c) \$2,393.39

d) \$2,423.39

e) \$2,353.39

f) None of the above.

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Question 6

John wishes to set up an account for his grandfather so that he can have some extra money each month. John wants his grandfather to be able to withdraw \$140 per month for the next 4 years. How much must John invest today at 8% per year compounded monthly so that his grandfather can withdraw \$140 per month for the next 4 years?

a) \$5,714.67

b) \$5,764.67

c) \$5,694.67

d) \$5,734.67

e) \$5,724.67

f) None of the above.

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Question 7

John got a part time weekend job at a local restaurant to save for a new car. He plans on depositing \$120 per month for the next 4 years in a savings account with a rate of 4% per year compounded monthly. How much will he have saved toward his down payment at the end of the 4 year period?

a) \$6,195.15

b) \$6,205.15

c) \$6,235.15

d) \$6,215.15

e) \$6,255.15

f) None of the above.

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Question 8

Fred purchased a new car. His monthly payments are \$500 per month. He will be paying on his car for 6 years, and the loan costs 10% per year compounded monthly. What was the original cost of the car?

a) \$26,987.33

b) \$26,992.33

c) \$26,986.33

d) \$26,990.33

e) \$26,989.33

f) None of the above.

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Question 9

Jackson deposits \$130 each month into a savings account earning interest at the rate of 5% per year compounded monthly. How much will he have in this account at the end of 8 years?

a) \$15,308.27

b) \$15,306.27

c) \$15,304.27

d) \$15,310.27

e) \$15,305.27

f) None of the above.

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Question 10

Esther pays \$532 per month for 6 years for a car. She made a down payment of \$2,500. If the loan costs 7.1% per year compounded monthly, what was the cash price of the car?

a) \$31,116.45

b) \$45,083.28

c) \$33,616.45

d) \$28,616.45

e) \$50,083.28

f) None of the above.

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Question 11

You borrowed \$11,000 from your bank to build a small cabin on your property. The bank will charge 10% per year compounded quarterly. You decide to payoff this loan in 2 years by making quarterly payments. How much are your quarterly payments?

a) \$1,524.14

b) \$1,544.14

c) \$1,554.14

d) \$1,534.14

e) \$1,494.14

f) None of the above.

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Question 12

Your brother would like to have \$24,000 in 3 years for the purchase of a new car. What monthly payment should he make into an account paying 6% per year compounded monthly to attain his goal?

a) \$630.13

b) \$640.13

c) \$650.13

d) \$610.13

e) \$600.13

f) None of the above.

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Question 13

A school realizes that they need a new copy machine for their main office. The copy machine costs \$4,500. After speaking with the financial advisor, they decide to pay 15% of the cost of the machine in cash and finance the rest through their credit union. How much is their monthly payment if the credit union will charge 2% per year compounded monthly for 2 years?

a) \$23.25

b) \$208.03

c) \$162.72

d) \$13.25

e) \$172.72

f) None of the above.

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Question 14

The Flores Family loves to go sailing on the weekends. Mr. Flores has decided to purchase a more spacious sailboat. The sailboat he is interested in buying in 2 years will cost him \$20,000. An account at Invest Well Bank earns 2% per year compounded monthly. How much should Mr. Flores deposit in this account at the beginning of each month to be able to pay cash for the sailboat in 2 years?

a) \$768.04

b) \$817.47

c) \$986.35

d) \$916.91

e) \$827.47

f) None of the above.