services quiz finance and banking
The problem below has two parts. In part A, complete the table by entering the correct balance. In part B, use the table to determine your answers.
Answer Key 254.60 449.67 166.62 275.74 490.62 93576.94 879.339 40.65 25.00 490.62
Using the following information, choose true or false for the questions below.
Answer Key True True False True False
ATMs are particularly helpful for people on unusual schedules.
True
Certified checks are guaranteed by the bank itself, not just by your signature.
True
Only you can open your safety deposit box.
True
There are often fees associated with ATM transactions.
True
Which of the following services are generally available at a bank?
financial counseling estate planning wills
Which of the following actions can be accomplished with electronic banking?
view your account status pay bills without going to the bank transfer funds
Security is not an issue with the use of ATMs.
False
Compute the amount of interest earned in the following simple interest problem. A deposit of $5,000 at 8.5% for 120 days = _____.
$140.25
Carol Carter compares her checkbook register, cancelled checks, and bank statement which shows a balance of $244.50. She finds two outstanding checks for $55.25 and $ 24.01. There is also an outstanding deposit of $120. What is her adjusted balance?
$285.24
Compute the amount of interest earned in the following simple interest problem. A deposit of $1,295 at 7% for 180 days = _____. (Note: Use 365 days in a year)
$44.42
Compute the amount of interest earned in the following simple interest problem. A deposit of $4,500 at 5% for 3 years:
$675.00
Using the expression below, choose the correct answers for the new balance and the amount of interest earned in the following compound interest problem. P(1 + r)n $750 at 7% for 9 years, compounded annually. Total Amount = $ 1,278.841,478.841,378.84Interest Amount = $ 528.84728.84628.84
1,378.84 628.84
Using the expression below, choose the correct answers for the new balance and amount of interest earned in the following compound interest problem. P(1 + r)n $1,100 at 8%, for 15 years, compounded annually. Total Amount = $ 3,689.393,589.393,489.39Interest Amount = $ 2,389.392,489.392,589.39
3,489.39 2,389.39