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2.1-2.5 Tests 2024

Last updated about 1 year ago
24 questions
1

Find the simple interest on a loan that has a $21,000 principal, deposited for 5 years at a rate of 3.25%.

1

Katie has a checking account that has a balance of $1,025.53 in her check register. Not reported on her statement are some outstanding deposits totaling of $500.23 and some outstanding checks totaling $399.54. The balance on the bank statement is $863.84. Using these transactions, reconcile her account. Is her check register reconciled?

1

Spongebob deposited $7,000 in a CD account that pays 3.75% interest, compounded daily. What is the ending balance after 8 years?

2

Determine the APY if you deposit $62,000 for 7 years compounded daily at 5%. Round to the nearest hundredth. (2 decimal places)

1

Thor deposits $14,000 into a 5-year CD at an interest rate of 6.7%, compounded weekly.
How much interest did the account earn after 5 years?

1

Loki deposited $2,100 in an account that yields 4.65% interest, compounded semiannually. How much is in the account after 65 months?

1

You want to deposit 3 checks worth $119.18, $65.00, and $16.35. You also want to take out $40 cash. How much money do you have in your account if your starting balance (before the transactions) was $489.81?

1

Did the account reconcile?

1
Draggable itemCorresponding Item
debit
money paid to bank when they lend you money because account balance is below zero.
overdraft fee
a printed/electronic account record of debits, credits and interest over a certain amount of time
account number
unique set of numbers assigned to an account holder
bank statement
amount removed from an account to pay for goods or services
1

Maria needs to deposit $45,000 into a CD that will be compounded monthly. She has been offered a 3.2% interest rate for 4 years. What will her APY be?

1

What is the revised balance?

Ending Balance $889.10
Deposits $120.00
Outstanding Checks $782.56
Revised Balance _??????__
Check Register $326.54

1

Heather has $78 and is going to save $4 per day for the next 73 days. How much money will she have in 73 days?

2

What information goes in each location of the check?

Draggable itemCorresponding Item
10
personal information
6
Payee
1
amount/dollar box
7
amount/word format
9
purpose of check, reminder
11
date
8
signature line
2
bank information
3
routing number
4
bank account number
5
check number
Wells Fargo Bank charges a $35 per check overdraft protection fee. On July 7, Nancy had $1,300 in her account. Over the next four days, the following checks arrived for payment at her bank:
July 8, $580.15
July 10, $670 and $125.67
July 11, $140
July 12, $85.60.
1

How much will she pay in overdraft protection fees?

1

How much will be in her account after all the checks have cleared(including fees as well)?

1

Find the rate if someone earned $650 for simple interest given a principal of $4,000 over 5 years. Round to the nearest hundredth.

1

How long will it take $2,000 to earn $450 with a 4.9% interest? Round to the nearest tenth.

1

What is the balance after you put $11,000 on a CD, at 6.75% for four years simple interest?

1

Eli currently has $385.61. He spent $15 at Starbucks, $19 at the donuts shop, and $71 at Verizon. He deposited a check from his dad for $170.00. He wrote three checks for $49.51, $56.78, and $41.00. How much will Eli have in her account after all of the transactions clear her bank?

1

What will the account balance be at the end of Sara's check register?

1

Valerie went to the bank to deposit three checks for the amounts of $178.00, $619.90, and $80.36. She wants to receive $95 back in cash. How much is she depositing?

1

Jonathan estimates that it will cost $210,000 to send his newborn son to college in 18 years. He currently has $85,000 to deposit in an account. What simple interest rate would he need so that $85,000 grows into $210,000 in 18 years? Round to the nearest percent.

1

Jason and Julie have a joint checking account with a balance of $698.93. During the week, Jason goes to an ATM and withdraws $500. The following week, Julie deposited her paycheck of $1,534.25. Jason then pays bills online in the amounts of: $805.40, $395, $22.45, and $189.55. That same week, they also paid a maintenance fee of $22. What is the current balance in their checking account?

1

Fargo wants a new Playstation 5 for Christmas. He has $217. How much money does he need to deposit daily if it will cost him $550 to buy one in 38 days?