Numeric Response
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1.
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You deposit $650 in a savings account that earns 7.6% interest compounded
annually. What is the account balance after 3 years?
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2.
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After 7 years at 7% simple interest per year, your savings account earns
$220.50. What is the principal?
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Short Answer
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1.
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What type of interest is money earned only on the principal?
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2.
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You borrow $1550 from a bank to buy a new computer. You pay back the principal
plus 7.75% simple interest per year in 3 years. How much interest do you pay?
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Copy and complete the table for an account that earns interest compounded
annually.
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3.
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Principal: $1100 Annual Interest
Rate | Balance After 10 Years | 2.5% | | 3.0% | | 3.5% | | 4.0% | | | |
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4.
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How many ATM withdrawals must you make each month for the cost of Basic
Checking to be greater than the cost of Advanced Checking?
Basic Checking:
$10 monthly fee and $0.75 for each ATM withdrawal
Advanced Checking: $35 monthly fee and
free ATM usage
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5.
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Complete the balance column. Which check is the bad check? Date | Check
# | Transaction | Credit | Debit | Balance | | | | Balance
Forward | | | 270.94 | 6/2/12 | 1287 | Electric
Company | | 44.26 | | 6/2/12 | 1288 | Cable
Company | | 41.87 | | 6/4/12 | 1289 | Car Payment | | 231.46 | | 6/7/12 | | Deposit Paycheck | 523.00 | | | 6/16/12 | 1230 | Shoe Store | | 46.96 | | 6/21/12 | | Deposit Paycheck | 523.00 | | | 6/26/12 | 1231 | Rent | | 310.00 | | 6/27/12 | | ATM Withdrawal | | 50.00 | | | | | | | |
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