Abeka Consumer Math Quiz 28, 10.1-10.10

The constant ratio formula:

The compound interest formula

The simple interest formula:

A fee paid for the use of money:

• principle

• overdraft

• collateral

• interest

The checkbook record is the:

• overdraft

• principle

• void

• register

The amount of time for i=prt must be in what unit?

• months

• years

• days

• decades

Find the interest due after six months for a $1,000 deposit at a 4% rate of interest paid semianually.

• $60

• $40

• $1,060

• $33

What is the current balance if the account had $3,000 to start with and $400 is deposited.

• $3,400

• $2,600

• 5500

• 1278

In the formulas the B and the P both stand for the same value, the principal.

• true

• false

Find the simple interest if $12,600 is borrowed for 4.5 years at 7% interest.

• $3,969

• $4599

• $27,883

• $16,569