Question 1Amanda took out a simple interest loan for $10,000 at 6% annual interest rate. She must repay the loan after five years. What is the future value of the loan at the maturity date? Round to the nearest dollar.Group of answer choices$16,035$25,117$13,000$13,489Question 2Consider an account earning 6% interest compounded monthly and an account earning 6.1% compounded quarterly. Determine which of the following statements are true.Group of answer choicesThe account earning 6% compounded monthly accrues more interest in a year than the account earning 6.1% compounded quarterly.The effective annual yield of an account earning 6.1% compounded quarterly is the highest.The effective annual yield of an account earning 6% compounded monthly is the highest.Question 3Sean wants to open an annuity to save $250,000 for his retirement in 35 years. He is considering two annuities: an account at 8% compounded monthly and an account at 8.5% compounded annually. Determine which of the following statements is true.Group of answer choicesWith respect to total annual deposit, the account at 8% compounded monthly is the best option, but with respect to interest earnings, the account at 8.5% compounded annually is the best option.The total annual deposit on the account at 8% compounded monthly is the lowest.With respect to total annual deposit and interest earnings, the account at 8.5% compounded annually is the best option.The total interest earnings on the account at 8.5% compounded annually are the lowest.Question 4Consider an account earning 3% interest compounded weekly and an account earning 3.01% compounded daily. Determine which of the following statements is false.Group of answer choicesThe effective annual yield of the account earning 3.01% compounded daily is approximately 3.05%.With respect to interest earnings, the account earning 3.01% interest compounded daily is the best one.The effective annual yield of the account earning 3.01% compounded daily is approximately 3.04%.With respect to interest earnings, the account earning 3% interest compounded weekly is the best one.Question 5How much money will you need to have at retirement so you can withdraw $60,000 a year for 20 years from an account earning 8% compounded annually? Round to the nearest dime.Group of answer choices$597,771.50$295,608.20$589,088.80$257,457.90Question 6Alexis wants to be able to withdraw $1,500 each month for 20 years after she retires. She is considering two annuities: one account at 7% and one account at 7.10%. Determine which of the following statements is false.Group of answer choicesThe initial deposit Alexis would need to make into the account at 7% to reach her goal, is the highest.With respect to interest earnings, the account at 7.10% is the best option, but with respect to initial deposit, the account at 7% is the best one.On either account, Alexis will withdraw a total of $360,000 over the course of 20 years.With respect to interest earnings, the account at 7.10% is the best option.Question 7You decide to finance a $15,000 car at 3% compounded monthly for four years. How much interest will you pay over the life of the loan? Round to the nearest dollar.Group of answer choices$24$1,704$936$1,896Question 8You wish to have $3,000 in two years to buy a fancy new stereo system. How much interest will you earn if you make quarterly deposits into a savings account paying 8% compounded quarterly? Round to the nearest dollar.Group of answer choices$440$200$350$320Question 9When you retire, you want to be able to withdraw $2,000 each month for 25 years. Your account earns 8% interest. How much of the total money you will withdraw in the given time will come from interest? Round to the nearest dollar.Group of answer choices$317,009$259,129$176,164$340,871Question 10Dorothy’s dream house is on the market for $200,000. She has enough money saved to give 20% down payment and is considering two mortgages: a 30 years loan at 4.5% and a 20 years loan at 4.4%. Both mortgages are compounded monthly. Determine which of the following statements is true.Group of answer choicesWith respect to monthly payments, the 30 years mortgage at 4.5% is the best option.The monthly payment required for the 20 years mortgage 4.4% is approximately $1,255.With respect to total interest to be paid, the 30 years mortgage at 4.5% is the best option.The total interest to be paid in the 20 years mortgage 4.4% is approximately $101,200.Question 11What is the effective annual yield of an account earning 4% interest compounded monthly? Round to two decimal places.Group of answer choices4.00%4.07%1.04%4.08%Question 12Jerry borrowed $5,000 for house renovations. He agreed to pay $5,167 in ten months. Find the annual interest rate of this simple interest loan. Round to two decimal places.Group of answer choices4.01%3.38%10.00%0.33%Question 13You deposit $1,000 each year into a savings account earning 8% compounded annually. How much will you have in the account in 10 years? Round to the nearest dollar.Group of answer choices$4,487$21,580$14,487$2,158Question 14How much did you deposit in an account earning 7% interest compounded annually if after 20 years is worth $3,870? Round to the nearest dollar.Group of answer choices$2,626$958$1,000$180Question 15Marie can afford a $350 per month car payment. She’s found a 60 months loan at 7% interest. How expensive of a car can she afford? Round to the nearest dime.Group of answer choices$17,675.70$21,000.00$14,813.50$25,057.50




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