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17. 18. 19. 20. 21. 22. Put the following interest rates in descending order: 2.7%, 23%, 2%%, 2.725%. a. 2.7%, 2%%, 2.725%, 2%% b. 2.7%, 2%%, 2%%, 2.725% c. 2.7%, 2%%, 2.725%, 2%% d. 2%%, 22%, 2.725% 27% Find the simple interest on a $2,590 principal deposited for ve years at 3.45%. a. $3,036.78 b. $446.78 c. $8,935.50 d. $17.25 Madison has a bank account that pays 2.4% simple interest. The balance is $940. How long will it take the account to grow to $1,000? a. 32 months b. 44 months 0. 30 months d. 39 months How long does it take $350 to double at a simple interest rate of 3.75%? a. 320 years b. 12 years c. 320 months d. 53 months Ethan estimates that it will cost $250,000 to send his daughter. Eva, to college in 18 years. He currently has $100,000 to deposit in an account. What simple interest rate must his account eam in order to be able to do this? a. 13.9% b. 2.22% c. 3.3% d. 8.33% What interest rate if needed for $8,500 to earn $500 in 18 months? a. 3.92% b. 0.33% c. 5.89% d. 3.47% 23. 24. 25. 26. 27. 28. Josh has a savings account at a bank that charges a $15 fee for every month that his balance falls below $1,000. His account has a balance of $1,203.44 and he withdraws $300. What will his balance be in six months if he makes no deposits or withdrawals'.7 a. $888.44 b. $813.44 c. $828.44 (1. $798.44 How much does $1,500 earn in three months at an interest rate of 3.25%, compounded quarterly/2 a. $146.25 b. $281.25 c. $12.19 (1. $36.86 How much interest does $500 earn in one day at an interest rate of 5%, compounded daiIY? a. $25.00 b. $0.07 c. $6.85 d. $3.25 On July 10, Isabella opened a savings account with $900. It earned 3% interest. compounded daily. On July 11, she deposited her rst paycheck of $76.22. What was her balance at the end of the day on July 11? a. $976.22 b. $900.07 c. $976.37 (1. $976.29 Joel deposits $3,500 in a savings account that pays 7.5% interest, compounded quarterly. Find the second quarter's interest. a. $65.63 b. $66.86 c. $68.11 cl. $69.39 What is the balance on $3,000 in six months at an interest rate of 4%, compounded q uarterlw a. $60.30 b. $3,600.00 c. $600.00 d. $3,060.30 29. 30. 31. 32. 33. Jerome deposits $1,200 into an account that pays 3% interest compounded monthly. What is his ending balance after one year? a. $1,203.00 b. $1,212.00 0. $1,236.50 d. $1,212.50 Janice deposits $2,350 in an account that earns interest at a rate of 3.1%, compounded monthly. What is her ending balance after ve years? a. $4,371.00 b. $2,380.35 c. $3,035.42 d. $2,743.45 Find the interest for a three-year CD for $5,000 at an interest rate of 6%, compounded annually. a. $955.08 b. $5,955.08 c. $5,983.40 d. $983.40 How much more does $1,000 earn in eight years, compounded daily at 5%, than $1,000 over eight years at 5%, compounded semiannually? a. $1.49 b. $7.27 c. $5.25 (I. $1.05 How much interest did Joanne earn if she deposits $4,300 into a one-year CD at a rate of 4.3%, compounded daily? a. $484.90 D. $188.59 c. $188.92 d. $484.95 Karol wants to buy a boat in 4 years for $5,000. He nds an account that pays 4% interest, compounded daily. How much should he put into the account so that he'll have $5,000 in four years? a. $4,803.97 b. $4,523.50 c. $4,592.50 d. $4,260.76