# 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.

Review Later

**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.

Review Later

**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.

Review Later

**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.

Review Later

**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.

Review Later

**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.

Review Later

**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.

Review Later

**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.

Review Later

**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.

Review Later

**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.

Review Later

**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.

Review Later

**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.

Review Later

**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.

Review Later

**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.