Chapter Quiz

Solve each problem. Round to the nearest cent. Show your work.
1. Doug has a checking account. He wrote 10 checks in April. There is

no fee for the first 6 checks written in one month. After that, each
check is $0.75. He also has a $5 monthly service charge. How
much were Doug's bank fees in April?

2. Ling put $1,500 in a savings account. The simple interest rate is

1.5%. How much simple interest will he earn after three years?

3. Juanita put $2,000 in a 6-month CD. The interest rate is 3%. The
interest iscompounded quarterly. What is the interest for the first

quarter? What will be the value of the CD when it matures?

4. Albert used his bank's ATM
withdraw $60. This was the fourth
to
time he used it in June. His bank does not charge a fee for the first
two ATM uses in one month. After that, the fee is $0.75 for each
use. His balance was $456 before he used the ATM. What is the
new balance?

5. Kara put $450 in a savings account with a simple interest rate of

3%. How much interest will she earn after 1 year?

Maintaining Skills

Multiply.
1. $600 x 0.02 2. $700 x 0.04 3. $100 x 0.05 4. $200 x 0.03

Find each missing number.

5. of $6,000 is 6. 2.5% of $1,600 is

7. 2.5% of $3,500 is 8. 4.5% of $3,000 is

Chapter 5 • Choosing a Bank 111