Finances: AMDM Pre-Test

Nia opens a savings account that has a 2.75% annual interest rate, compounded monthly. She deposits $800 into the account. How much will be in the account after 15 years?

• 1208.47

• 1130.00

• 1215.92

• 1207.90

Shay Smith works at Booton College as a math teacher. She will be paid $54,000 for the year.

• She will have to pay for Medicare, Social Security, and Taxes which amount to 21.8% in deduction of the gross amount.

• She will also have to pay $6 per month for a life insurance policy of $30,000.

• Her health and dental (or medical insurance premiums) are $115 per month.

• Finally, the company would require her to automatically invest $150 per month for retirement.

If she is paid monthly, what is her NET MONTHLY INCOME?

• $3,790

• $3,248

• $1,252

• $4,500

Tags

CCSS.6.RP.A.3C

Juan plans to invest $2,000 for 6 years at Peach Bank that offers an annual rate of 6.25% compounded continuously. How much interest is earned by the end of the 6 years?

• $2119.20

• $2,909.98

• 909.98

• 789.23

Jordhon was paid $5,100 to complete a wall mural art job. He had to purchase $850 worth of materials to use for the project. Then, he worked a total of 210 hours on the project over a month's time. How much did he make per hour on the job?

• $20.24 per hour

• $18.12 per hour

• $22.76 per hour

• $16.89 per hour

Tags

CCSS.7.EE.B.3

The cost of borrowing money is referred to as 

• Interest 
• Annual Percentage Rate 
• Credit 
• Credit Line 

The maximum amount you are allowed to carry as a balance on the card

• interest
• ARP
• credit limit
• all of these

A plastic card that you use to access a line of pre-established credit is called:

• debit card
• credit card
• visa
• mastercard

What does APR stand for?

• American Peoples Reports
• Annual Progress Report
• American Percentage Rate
• Annual Percentage Rate

Tags

CCSS.7.RP.A.3

What is credit?

• Free money
• Borrowed money
• Standard of living
• A term that causes tears

What is a finance charge?

• The amount of interest charged to an account for the billing cycle. 
• A fixed annual percentage rate of the finance charge.
• A charge from the bank for getting a credit card. 
• None of the above. 

Tags

CCSS.7.RP.A.3