Posted by Greg on Wednesday, November 14, 2012 at 7:56pm.
I was wondering if I could check my answers with someone. I'm a bit confused with interest. I put stars next to the answers I chose. Thank you.
An interest rate is a special type of (1 point)
loan.
**price.
bank.
service.
2.
How does a compound interest rate differ from a simple interest rate? (1 point)
***Compound interest rates pay more interest over time.
Compound interest rates are calculated only once a year.
Compound interest rates are usually lower than simple interest rates.
Compound interest rates apply to home mortgages only.
3.
Rising demand for a certain type of car will probably lead to (1 point)
lower interest rates for all types of vehicles.
lower interest rates for that type of car.
***higher interest rates for all types of vehicles.
higher interest rates for that type of car.
4.
Rohan has $100.00 that he wants to save in a bank. Bank A offers two types of savings accounts. One has a 5% simple interest rate, and the other has a 4.8% compound interest rate. Bank B also offers two types of savings accounts. One has a 3% simple interest rate, and the other has a 4% compound interest rate. Which account should Rohan choose in order to earn the most interest? (1 point)
Bank A simple interest account
***Bank A compound interest account
Bank B simple interest account
Bank B compound interest account
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