AP Pre-Calc Math: Exponential & Logs & Finance

Karla invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Karla earn in 15 years?

• $1,584.62

• $2,651.39

• $2,706.86

• $1,825.10

Emily would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly.

If she spent $7,400, how much total will she have paid after 8 years.

• $15,415.94

• $15,683.28

• $15,927.56

• $16,109.05

To finance the cost of their new home, Mrs. and Mrs. Duggar have agreed to a $120,000 mortgage with a 7.25% APR. Find their monthly mortgage payments if the loan has a length of 15 years.

• $1,095.44

• $1145.44

• $1195.44

• $1245.44

What is the value of a $8,875 investment that is invested

at 4.4% interest rate and is compounded continuously for 25 years?

• 15000.00
• 32000.75
• 26661.97

• 21000.30

Determine how much time is required for an investment of $100 to be tripled in value in interest is earned at the rate of 6.25% compounded monthly?

• 12.24 years

• 17.62 years

• more than 20 years

• less than a year

Determine how much time is required for an investment of $100 to triple in value if interest is earned at the rate of 6.25% and compounded continuously?

• 12.24 years

• 17.58 years

• more than 20 years

• less than a year

Chelsea put $7500 into an account paying 5% compounded continuously. She now has $10,643.01. How long has the money been in the account?

• 7 years

• 6 years

• 5 years

• 4 years

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Bill is in the market to buy a house and was approved for a 30-year loan of $389,000 at an interest rate of 6.25%. He found a house but noticed that the mortgage payment was going to be too high due to the interest rate, so he decided to spend $10,000 to decrease the rate by 0.5%. What would his new monthly payment be?

• $2,211.74

• $2,234.74

• $2,781.74

• $2,071.74

John wants to save for his retirement and decides to invest $5,000 in a fund that offers 5.5% interest compounded annually. How much will his investment be worth in 20 years?

• $14,612.50

• $18,123.45

• $15,000.00

• $17,345.67

Alice is considering a loan of $250,000 for a new house. The bank offers her a 30-year mortgage with an interest rate of 4.75% compounded monthly. What will her monthly payment be?

• $1,304.12

• $1,250.45

• $1,287.33

• $1,350.67