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ASVAB Math: Calculating Interest Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. George earns $12 per hour painting houses. If he works for 7 hours one day, how much does he earn?

Question 2 2. Calvin has twice as many dimes as nickels. If he has a total of $4, how many nickels does he have?

Question 3 3. Connor has seven more nickels than dimes and twice as many quarters as dimes. If he has $6.20, how many nickels does he have?

Question 4 4. Which of the following is the correct formula for compound interest?

Question 5 5. Tom deposits $2,000 into an account with an interest rate of 2.5% that is compounded quarterly. Rounding to the nearest dollar, what is the balance in Tom's account after 5 years?

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Question 6 6. Becky deposits $12,000 into an account with an interest rate of 7% that is compounded monthly. Rounding to the nearest dollar, what is the balance after 7 years?

Question 7 7. Angela invested $4000 in an account that earns 5% interest yearly (simple interest). She forgets about it for 12 years. What is the TOTAL amount of money in the account after those 12 years?

Question 8 8. Jennifer has three more dimes than nickels and three times as many quarters as nickels. If she has $7.50, how many quarters does she have?

Question 9 9. Steve is trying to earn $300 in interest for a new guitar. He puts $2500 in an account that earns 2% interest yearly (simple interest). How long will it take to earn $300?

Question 10 10. Sam deposits $5,000 into an account with an interest rate of 3% that is compounded monthly. Rounding to the nearest dollar, what is the balance after 10 years?

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Question 11 11. As she enters college, Amy puts $500 in a savings account that earns 3.5% simple interest yearly. At the end of 4 years, how much money will be in the account?

Question 12 12. In the compound interest formula, what does the n stand for?

Question 13 13. Kate is investing $1,000 and wants to double it in 8 years. What yearly, simple interest rate will she need to find?

Question 14 14. Faith buys gifts for 5 friends. If each gift costs $18, how much did she spend in total?

Question 15 15. Arnold invested $7000 in his account and he had $8050 after 4 years. What was the yearly interest rate (simple interest)?

ASVAB Math: Calculating Interest Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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