AMDM: simple & compound interest

Match the word to the correct value of n.

• n = 1

• annually

• n = 52

• quarterly

• n = 12

• monthly

• n = 2

• weekly

• n = 4

• semi-annually

If it is compounded daily, then n = (a)  

• 365
• 52
• 325
• 12
• 7
• 366

I deposited $600 into an account with a 6.4% interest rate, compounded weekly. How much money was in the account at the end of 2 years? YOU MUST ENTER THE DOLLAR SIGN, $, AND ROUND YOUR ANSWER TO 2 DECIMAL PLACES.

Sue got an $8000 loan to buy a used car. Due to her bad credit, the interest rate was 16.8%. If the loan length was 60 months, how much did she end up paying for the car?

• $6720

• $14720

• $80,640

• $8672

Mark got a 4-year loan for $1750, but he ended up having to pay back $2114. What was the interest rate?

• 30.2%

• 0.302%

• .052%

• 5.2%

Jennifer inherited $35,000. She wants to invest it in a savings account at 4.2%, compounded monthly. How much money will she have in 10 years? YOU MUST ENTER THE ANSWER WITH THE DOLLAR SIGN, $, AND ROUND THE ANSWER TO 2 DECIMAL PLACES.

I deposited $46,875 into a simple interest, and at the end of 1 year 8 months, the account had grown to $50,000. Find the rate of interest per year.

• 64%

• 4%

• 4.167%

• 66 2/3%

I invested some money into a savings account with a 2.5% interest rate. In 39 months it had earned $28,600 interest. What was the amount of the original investment?

• $352,000

• $2323.75

• $29,333.33

• $27,885

Lily took a loan of $1200 with simple interest for 6 years. If she paid $432 as interest at the end of the loan period, what was the rate of interest? YOU MUST ENTER THE %.

Determine the final account balance of an investment of $300 is invested at an interest rate of 6.75% compounded semiannually for 20 years. YOU MUST USE THE DOLLAR SIGN, $, AND ROUND YOUR ANSWER TO 2 DECIMAL PLACES.