Simple Interest — Unit test Answers

A principal of $5,350 is placed in an account that earns 3.5% interest. If the interest is compounded annually, how much money will be in the account at the end of 4 years?

The same amount of principal is invested in different accounts earning the same interest rate. Which of the following accounts would have the greatest accumulated value at the end of one year?

In the formula I=P·r·t, what does r stand for?

How do banking transaction regulations differ from credit card regulations?

How do Peer-to-Peer (P2P) payment systems compare to digital wallets in terms of storing payment information?

Mary and Lewis each open a savings account at the same time. Mary invests $3,700 in an account yielding 3.2% simple interest, and Lewis invests $3,000 in an account yielding 5.9% simple interest. After fifteen years, who has the greater total amount of money, and how much greater is it?

Why is simple interest useful for planning parts of your financial future?

Which is an accurate description of digital currency?

How are the regulations for Electronic Fund Transfers (EFTs) different from those for Peer-to-Peer (P2P) payments?

Approximately how much principal would need to be placed into an account earning 3.575% interest compounded quarterly so that it has an accumulated value of $68,000 at the end of 30 years?

What is the purpose of comparison shopping?

Paul wrote a check to the dentist for $345.69. He’ll use the check register to record his transaction. What will be his new balance?

Karen has $800 to open a checking account. She wants an account with the lowest fees. She only writes about five checks per month and her employer has direct deposit. She does not plan on using the ATM or online banking. Bank Account Terms and ConditionsWhich checking account would be best for Karen?

Martin puts his weekly paycheck into his checking account. In which column should he write the value of his paycheck?

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

Rules ensuring that businesses offer safe products to consumers are part of a nation's

Which statements describe a free enterprise system? Check all that apply.Citizens can own property.The government employs all workers.Supply and demand drives production.Consumers and producers make their own decisions.Citizens can accumulate wealth.The government sets prices and wages.

Irma has $500 to open a checking account. She wants an account with the lowest fees. She plans to use only her bank’s ATM to deposit her paychecks and withdraw cash. Bank Account Terms and ConditionsWhich checking account would be best for Irma?

How much money would need to be deposited into an account earning 5.75% interest compounded annually in order for the accumulated value at the end of 25 years to be $85,000?

What is one way that economics can influence your daily life?