MAT-144 · Topic 3 · Mastery Check

Savings & Interest

Four quick questions to check that Topic 3 clicked. Two multiple choice, two short calculations. Perfect score earns one substantive participation post.

What it checks

1Choosing the right formula
2Simple interest
3Compounding frequency
4Compound interest

4 of 4 to pass 3 attempts 60 seconds between attempts One question at a time

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Enter your first and last name to start.

Question 1 of 4

Question 1 · Choosing the right formula

Which of these situations calls for the annuity future value formula?

A. A single $1,000 deposit sitting in a savings account for 5 years B. Depositing $50 into an account at the end of every month for 5 years C. Paying off a $10,000 car loan over 60 monthly payments D. Interest earned on a bond over 10 years

Question 2 · Simple interest

You deposit $1,000 in an account earning 5% simple interest for 3 years. What is the account value at the end? Round to two decimals.

Enter the amount in dollars, to two decimals

Question 3 · Compounding frequency

An account earns 4% APR compounded monthly. In the formula A = P(1 + r/n)^(nt), what is the value of n?

A. 1 B. 4 C. 12 D. 52

Question 4 · Compound interest

You deposit $1,000 in an account earning 6% APR compounded annually. What is the account value after 2 years? Round to two decimals.

Enter the amount in dollars, rounded to the nearest cent

All answered.

Submitting uses one attempt.