AMDM: Interest Formulas Practice for test

If I deposit $18,500 in an account with 17% interest compounded continuously, how much money will be in the account in 5 years?

• $43,283.46

• $43,283.47

• $20,141.26

• $20,141.27

A local bank has a savings account which compounds quarterly. The interest rate is 5.4%. If I deposit $7200 and leave it in the account for 6 years, what will be the balance in the account?

• $17,133.51

• $17,133.50

• $9933.50

• $9933.51

I got a 48-month $7200 loan with a 12.6% interest rate. How much did I pay back in all?

• $3628.80

• $43,545.60

• $10,828.80

• $11,554.56

If I deposit $400 into a simple interest savings account with a 5% interest rate, how much interest will I earn in 9 years?

• $580

• $1800

• $180

• $2200

In 8 years my original deposit of $1500 had grown to $2604. What was the interest rate?

• 21.7%

• 9.2%

• 2.17%

• 0.92%

I got a $5000 loan with a 3.2% interest rate. I ended up paying $960 in interest. For what amount of TIME was the loan?

• 2.5 years

• 25.3 years

• 0.6 years

• 6 years

I invested $65,500 at 8% compounded continuously. How much money did I have in 11 years?

• $157,913.93

• $157,913.94

• $36,025

• $101,025

Choose all the words that refer to the PRINCIPAL

• Loan amount

• original amount

• deposit

• invested amount

• amount earned

In simple interest, the Total amount - the principal = ​ ​ (a)  

• interest
• rate
• time
• balance
• principal

Match the following

• n = 52

• quarterly

• n = 2

• weekly

• n = 12

• monthly

• n = 4

• annually

• n = 1

• semi-annually