Name: INSTRUCTIONS: MIDTERM REVIEW Using a pencil, complete the following questions as you work through the related lessons. Show ALL of your work as is explained in the lessons. Do your best and always ask questions if there is anything that you don't understand. UNIT 1 FINANCES 1. $300 is invested for 2.5 years at 6% simple interest. How much interest is earned? 2. John borrowed $500 from his parents to buy a video game. They charged him 2.5% simple interest. He paid them back in 14 months. How much interest did he pay them? How much did he pay them in total? 3. Emmett invested in a GIC that paid 3.25% simple interest. In 36 months, he earned $485. How much did he invest originally? 2021-12-13 Page 1 of 19 PC Math 11 - Midterm Review 4. What rate of simple interest is needed for $700 to double, in 3 years? WCLN.ca 5. Ross' investment matured from $1300 to $1750. It was invested at a simple interest rate of 4.25%. How long was it invested for? 6. $4500 was invested at a 5% simple interest for 300 days. How much interest was earned? What was the total amount of the investment? 7. Find the amount of each loan. a. $500 at 5% pa, compounded annually for 3 years. b. $1000 at 4.5% pa, compounded quarterly for 6 years. c. $5000 at 7% pa, compounded monthly for 4 years. PC Math 11 - Midterm Review WCLN.ca 8. At what interest rate, to the nearest tenth of a percent, would an investment of $50,000 double if it compounds monthly for 10 years? 9. Suppose you owe $1,000 on your credit card and that at the end of each month an additional 1.4708% of the amount you owe is added onto the amount you owe. You have stopped using this credit card and do not have any money to make any payments. The only change to the amount every month is the addition of the interest. a) How much will you owe after 6 months? b) How much will you owe after 1 year? 11. At what rate per cent per annum will $ 4000 amount to $ 4410 in 2 years when compounded annually?