Finan mang

What is the main difference between compound interest and simple interest?

• Compound interest is paid only at the end.

• Simple interest is paid monthly.

• Compound interest earns interest on interest.

• Simple interest is always higher.

If you deposit $100 at a 6% annual interest rate compounded monthly, how much will you have after 5 years?

• $100.00

• $120.00

• $134.89

• $150.00

What is the total amount paid for a car loan of $23,130 at a 3.48% interest rate over 5 years?

• $23,130.00

• $25,000.00

• $27,519.05

• $30,000.00

How much will you pay monthly for a car loan of $23,130 over 5 years?

• $600.00

• $458.65

• $500.00

• $400.00

What is the value of a car after 5 years if it depreciates at 15% per year?

• $15,000.00

• $10,262.90

• $12,000.00

• $8,000.00