Compound Interest and Solving Exponents

Your $54,200 2 year car loan is at 15.1% compounded annually. What will you have paid for your car after 2 years?

• $62,693.15

• $62,384.20

• $71,804.21

• $341,465.42

An investment of $9,875 earns 4.8% interest compounded monthly over 12 years. Approximately how much INTEREST is earned on the investment?

• $7,457.95

• $10,359.57

• $17,546.55

• $484.57

Will deposits $1650 for three years at 3% interest, compounded daily. What is his ending balance?

• $1,700.25

• $4,056.85

• $2,103.87

• $1,805.38

Avery deposits $8000 in a one year CD at 3.2% interest, compounded daily. What is Avery's ending balance?

• $8,528.72

• $8,000.70

• $8,256.00

• $8,260.13

How much money do you need to invest at 2.8% compounded continuously in order to have $25,500 at the end of 8 years? Round your answer to the nearest dollar

• $20,383

• $2,715

• $27,147

• $2,038

Solve: 9^8-x = 27^x-3

• x = 5

• x = -5

• x = 1/5

• x = -1/5

Karla invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually.

Which exponential equation can be used to find how much money Karla will earn in 15 years?

• 
• 
• 
• 

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

Jay'den earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually.

What will be his balance after 15 year?

• $827.52

• $831.10

• $839.45

• $846.80