Simple & Compound Interest
Finances
Mixed
Slope and Y-intercepts
Equations
100
Carina is borrowing $27,000 to buy a new car. If she borrows the money at 4.15% interest compounded annually for 5 years, how much interest will she pay on her car loan?
$6087.21
100
Cash is one method for paying for products or services. One advantage of paying with cash is that it is widely accepted. One disadvantage of paying with cash is that it must be carried by the individual.
Which statements about other payment methods are true?
Select TWO correct answers.
A A check is a written document telling a bank to pay the specified amount of money to a payee. One advantage of using checks is that all retailers accept checks without additional personal identification.
B When using a credit card, the user is borrowing money from a financial institution to pay back later. One disadvantage of using a credit card is that additional charges can occur for unpaid balances past payment date.
C A debit card is electronically linked to an individual’s checking account for making purchases and other financial transactions. One advantage of using a debit card is that the transactions are linked to the individual’s credit score.
D An electronic payment is a method for making online purchases using secure access. One disadvantage of using an electronic payment is that it is only used for recurring expenses, such as a monthly car payment.
E A stored-value card is a prepaid card with a set amount of money to spend. One advantage of a stored-value card is that no application is required.
B When using a credit card, the user is borrowing money from a financial institution to pay back later. One disadvantage of using a credit card is that additional charges can occur for unpaid balances past payment date.
E A stored-value card is a prepaid card with a set amount of money to spend. One advantage of a stored-value card is that no application is required.
100
Valerie is considering various savings options.
- At Bank 1, she can invest $1,000 in a CD that earns compound interest at an annual rate of 2.4%.
- At Bank 2, she can invest $1,000 in a savings account that pays 2% simple interest upon withdrawal.
How much more money would Valerie earn in 5 years with the CD at Bank 1 than with the savings account at Bank 2?
$25.90
100
Mary and Bart bought a house. They keep track of their house's value over the years. Which equation best represents the trend line for the data and can be used to make predictions?
A) y = 75x + 200
B) y = −75x + 200
C) y = 75x − 200
D) y = −75x − 200
A y = 75x + 200
100
Ari and Jere both work at vet clinics. Ari gets paid $8.50 per hour. Jere works at another vet clinic getting paid $6.50 per hour plus $15 for dog walking. Write an equation for the number of hours, h, that Ari and Jere would need to work to earn the same amount of money in a week.
8.5h = 6.5h + 15
200
Jared is planning to deposit $750 in a savings account. The table compares two different banks in which he can open his savings account.
State Savings3.25%
Countywide Bank2.75%
How much more interest will Jared earn at State Savings than Countywide Bank if he places the money in a savings account for 6 years?
$22.50
200
Jack has a high interest credit card but uses it only if necessary and pays off the balance quickly. Jack stays within a planned budget which includes a set amount of savings each month.
Sam has a high interest credit card and uses it for most purchases in order to earn reward points offered by the credit card company. Sam makes the minimum payment each month in order to put some money into savings.
Who shows the most financial responsibility?
A Both Jack and Sam are financially responsible because they save some money each month.
B Neither Jack nor Sam are financially responsible because they use a credit card.
C Jack is more financially responsible because he uses a credit card only when necessary and keeps within a budget.
D Sam is more financially responsible because he makes monthly payments and also saves each month.
C Jack is more financially responsible because he uses a credit card only when necessary and keeps within a budget.
200
Which table shows a proportional relationship between x and y?
(A) (B)
X Y X Y
-4.5 -8.5 -4.5 1.5
3 -4 3 -1
2.5 12.5 6 -2
10 35 10.5 -3.5
(C) (D) X Y X Y
-3 -14 -3 -4
-1.5 -9.5 -1.5 -4.5
4 7 3 -6 7.5 17.5 4.5 -6.5
(B)
X Y
-4.5 -8.5
3 -1
6 -2
10.5 -3.5
200
The graph shows the growth in the student population of Hayward Elementary since opening in 2003.
Which equation can be used to describe the relationship between the number of students, y, the years the school has been opened since 2003, x?
A) y = 250x + 60
B) y = 4.5x + 210
C) y = 60x + 250
D) y = 2.5x + 400
C) y = 60x + 250
200
Vante has $1,500 in a savings account. He withdraws $25 a week for gas. He opens a new account with $250 and will deposit $50 each week. Write an equation to find the number of weeks, w, it will take for the balances in both Vante’s account to be the same
1500 - 25w = 250 + 50w
300
Cierra wants to buy a new car and needs to get a $18,000 loan from her bank. Her bank offers her a 66month loan with an 8% compound interest rate. How much interest will Cierra have to pay on her loan?
$9485.47
300
Julie wants to be able to help pay for nursing school when she graduates from high school in 4 years. She works at a part time job and is able to save $200 each month in an interest earning savings account. Which statement best describes Julie’s savings plan?
A )Julie should wait to invest her money until she has more to deposit in order to earn more interest.
B) Julie will not be able to save very much because depositing such a small amount each month will not earn very much interest.
C) Julie should have more than $9600 in her account when she graduates because investing a small amount regularly will grow over time.
D) Julie should find another way to finance nursing school because she will have to pay taxes each month on the savings account.
C) Julie should have more than $9600 in her account when she graduates because investing a small amount regularly will grow over time.
300
Lilith is remodeling her bathroom and needs an $8,700 loan to pay for the cost of the remodel. Which loan option will result in Lilith paying the greatest amount in interest?
A 30-month loan with a 5.75% interest rate compounded annually
B 30-month loan with a 5.75% annual simple interest rate
C 24-month loan with a 6.25% interest rate compounded annually
D 24-month loan with a 6.25% annual simple interest rate
A 30-month loan with a 5.75% interest rate compounded annually
300
The graph of a linear function is shown on the grid.
Create an equation that represents the relationship shown on the graph.
y = 6/4x + 6 or y = 1.5 x + 6
300
An arcade charges $1.25 per game, plus an admission fee of $5. If Jason spent $15 at the arcade, how many games, x, did Jason play?
8 games
400
Claudia wants to start a small business but needs to take out an $8,500 loan to get started. Which of the following options would allow her to pay the least amount of interest?
A)• A 24-month loan with a 2% compound interest rate
B)• An 18-month loan with a 2.5% compound interest rate
C)• A 30-month loan with a 1.3% compound interest rate
C)• A 30-month loan with a 1.3% compound interest rate
400
Nick wants to attend SMU. He estimates that it will cost $76,000 each year. His parents will contribute $10,000 each year and he plans on earning $12,500 in scholarships. With the scholarships and family contributions, how much in loans will Nick need to pay for his first year at SMU?
$53,500
400
Steven is deciding whether to attend a two-year community college or a four-year university. The table below lists some estimated yearly expenses he has researched.
Steven has saved $3,500, and his parents have offered to pay $2,400 per year for the cost of his school.
Based on this information, which table accurately displays the additional amount of money Steven will need for a two-year college education compared to a four-year college education?
400
The graph shows the amount of money spent from an account in a certain number of weeks.
What is the slope and y-intercept of the graph?
slope is -20
y-intercept is 210
400
Two customers spent the same total amount of money at a restaurant.
- The first customer bought 8 hot wings and left a $4 tip.
- The second customer bought 10 hot wings and left a $2.80 tip.
- Both customers paid the same amount per hot wing.
How much does one hot wing cost at this restaurant in dollars and cents?
$0.60
500
Mark’s mother is planning to borrow $25,000 to remodel the restaurant she owns. She contacted several loan companies, and she is comparing two different options.
- Company 1 offers an interest rate of 5.25%.
- Company 2 offers an interest rate of 8.5%.
Both loan options involve simple interest and must be repaid in exactly 3 years. How much more will Mark’s mother pay in interest if she chooses to borrow the money from Company 2?
$2437.50
500
Melissa wants to invest $10,000. Which bank offers the best option for her?
• Bank A offers an 18-month loan with a 5.5% simple interest rate.
• Bank B offers a 24-month loan with a 4.5% compound interest rate
Bank B
500
The set designer for a play painted some background scenery on a large piece of plywood. He used a 13-foot-long pole to hold the piece of plywood upright, as shown in the diagram below.
What is h, the total height in feet of the piece of plywood?
14 ft
500
A company is drilling a water well. The graph models the linear relationship between the depth of the well and the time spent drilling.
What is the slope and y-intercept of the graph?
Slope is 6
Y-intercept is 0
500
Jackson sells toolboxes for farming tools. He plans on selling them during a fair this weekend. Jackson estimates he will sell the boxes for $30 each with an additional shipping fee of $10, regardless of order size. Which equation best represents this situation?
A) y = −30x − 10
B) y = 30x + 10
C) y = −30x + 10
D) y = 30x − 10
B) y = 30x + 10