Name_______________________________________________ Date ___________________ Period _______ Chapter 5 Final Exam Review
Find the simple interest. Assume a 360 -day year. Round results to the nearest cent. 1) $5180 at 5.17% for 116 days A) $85.49 B) $5180.00 C) $86.24 D) $267.63
Solve the problem. Round to the nearest cent. 8) At the end of every 3 months, Teresa deposits $100 into an account that pays 6% compounded quarterly. After 5 years, she puts the accumulated amount into a certificate of deposit paying 8.5% compounded semiannually for 1 year. When this certificate matures, how much will Teresa have accumulated?
Find the compound amount for the deposit. Round to the nearest cent. 2) $590 at 5% compounded annually for 12 years A) $1009.10 B) $914.50 C) $944.00 D) $1059.56
Find the monthly house payment necessary to amortize the following loan. 9) In order to purchase a home, a family borrows $ 362,000 at 9.3% for 15 yr. What is their monthly payment? Round the answer to the nearest cent. A) $4276.67 B) $25,656.55 C) $3736.53 D) $2805.50
Find the amount that should be invested now to accumulate the following amount, if the money is compounded as indicated. 3) $19,000 at 9% compounded semiannually for 2 yr A) $3067.33 B) $15,991.92 C) $22,657.85 D) $15,932.67
Solve the problem. 10) Cara has a loan from her credit union at a rate of 10% for which her payments are $185 per month. The interest is computed on a daily basis on the unpaid balance of the loan. If the loan balance after her last payment was $2540 and Cara makes her next payment 30 days later, how much of the payment is paid toward interest? A) $6.96 B) $69.59 C) $20.88 D) $46.25
Solve the problem. Round to the nearest cent. 4) Felipe Rivera's savings account has a balance of $1498. After 4 years what will the amount of interest be at 5% compounded quarterly? A) $37.45 B) $329.39 C) $334.39 D) $320.39 Find the future value of the ordinary annuity. Interest is compounded annually, unless otherwise indicated. 5) R = $10,000, i = 5% interest compounded quarterly for 4 years A) $175,911.64 B) $43,101.25 C) $163,863.35 D) $975,911.64 Find the future value of the annuity due. 6) Payments of $2,500 made at the beginning of each semiannual period for 5 years at 9% compounded semiannually A) $28,220.52 B) $24,505.29 C) $16,308.34 D) $32,102.95 Find the periodic payment that will render the sum. 7) S = $50,000, interest is 12% compounded quarterly, payments are made at the end of each quarter for 5 years A) $2497.05 B) $1679.09 C) $2688.33 D) $1860.79
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