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Find the accumulated amount at the end of 5 months on a $ 180 bank deposit paying simple interest at a rate of 5% per year.

$ 183.75

$ 184.75

$ 181.75

$ 179.75

$ 187.75

None of the above.

Question number 2.

Mr. Smith wishes to retire in 13 years. When he retires he would like to have $ 300,000 in his bank account. Mr. Smith's bank pays 8% per year compounded annually. How much should he deposit now to attain his goal?

$ 110,307.38

$ 110,306.38

$ 110,311.38

$ 110,305.38

$ 110,309.38

None of the above.

Question number 3.

A grandmother deposited $ 1,000 in an account that pays 6% per year compounded annually when her granddaughter was born. What will the value of the account be when the granddaughter reaches her 17^th birthday?

$ 2,732.77

$ 2,672.77

$ 2,692.77

$ 2,722.77

$ 2,682.77

None of the above.

Question number 4.

In order to purchase a new freezer in 4 years, the Steakhouse Restaurant has decided to deposit $ 1,700 in an account that earns 6% per year compounded monthly for 4 years. How much money will be in the account in 4 years?

$ 2,139.83

$ 2,169.83

$ 2,149.83

$ 2,199.83

$ 2,159.83

None of the above.

Question number 5.

Stor-Away Co. needs to buy a new forklift. The company decides to deposit $ 3,700 in an account that earns 3% per year compounded semiannually. How much will the investment be worth in 3 years?

$ 4,025.74

$ 4,075.74

$ 4,055.74

$ 4,005.74

$ 4,045.74

None of the above.

Question number 6.

John wishes to set up an account for his grandfather so that he can have some extra money each month. John wants his grandfather to be able to withdraw $ 160 per month for the next 3 years. How much must John invest today at 6% per year compounded monthly so that his grandfather can withdraw $ 160 per month for the next 3 years?

$ 5,219.36

$ 5,239.36

$ 5,269.36

$ 5,289.36

$ 5,259.36

None of the above.

Question number 7.

John got a part time weekend job at a local restaurant to save for a new car. He plans on depositing $ 110 per month for the next 2 years in a savings account with a rate of 6% per year compounded monthly. How much will he have saved toward his down payment at the end of the 2 year period?

$ 2,797.52

$ 2,777.52

$ 2,787.52

$ 2,757.52

$ 2,767.52

None of the above.

Question number 8.

Fred purchased a new car. His monthly payments are $ 450 per month. He will be paying on his car for 5 years, and the loan costs 8% per year compounded monthly. What was the original cost of the car?

$ 22,194.30

$ 22,193.30

$ 22,189.30

$ 22,195.30

$ 22,197.30

None of the above.

Question number 9.

Jackson deposits $ 110 each month into a savings account earning interest at the rate of 7% per year compounded monthly. How much will he have in this account at the end of 6 years?

$ 9,811.70

$ 9,805.70

$ 9,806.70

$ 9,807.70

$ 9,808.70

None of the above.

Question number 10.

Esther pays $ 467 per month for 6 years for a car. She made a down payment of $ 2,500. If the loan costs 7.1% per year compounded monthly, what was the cash price of the car?

$ 44,269.53

$ 39,269.53

$ 24,814.63

$ 27,314.63

$ 29,814.63

None of the above.

Question number 11.

You borrowed $ 13,000 from your bank to build a small cabin on your property. The bank will charge 5% per year compounded quarterly. You decide to payoff this loan in 3 years by making quarterly payments. How much are your quarterly payments?

$ 1,173.36

$ 1,133.36

$ 1,153.36

$ 1,163.36

$ 1,183.36

None of the above.

Question number 12.

Your brother would like to have $ 29,000 in 3 years for the purchase of a new car. What monthly payment should he make into an account paying 6% per year compounded monthly to attain his goal?

$ 717.24

$ 767.24

$ 737.24

$ 727.24

$ 697.24

None of the above.

Question number 13.

A school realizes that they need a new copy machine for their main office. The copy machine costs $ 4,500. After speaking with the financial advisor, they decide to pay 10% of the cost of the machine in cash and finance the rest through their credit union. How much is their monthly payment if the credit union will charge 2% per year compounded monthly for 3 years?

$ 86.00

$ 33.48

$ 23.48

$ 116.00

$ 139.87

None of the above.

Question number 14.

The Flores Family loves to go sailing on the weekends. Mr. Flores has decided to purchase a more spacious sailboat. The sailboat he is interested in buying in 2 years will cost him $ 20,000. An account at Invest Well Bank earns 6% per year compounded monthly. How much should Mr. Flores deposit in this account at the beginning of each month to be able to pay cash for the sailboat in 2 years?

$ 935.16

$ 845.78

$ 786.41

$ 816.41

$ 747.06

None of the above.