Compound Interest

Front

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?

Back

$831.10

Front

Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually, what will be the balance after 18 years?

Back

$6,427.94

Front

Mark took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded monthly, how much total will he have paid after 5 years?

Back

$33,299.42

Front

Loan amount: $195,000, Interest rate: 4.3% compounded annually, Duration: 30 years. Calculate the total interest paid.

Back

$494,546.99

Front

Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much interest will she earn in 10 years?

Back

$1,005.09

Front

Interest comparison: Town Bank (2.25%) vs Charter One (2.8%) for $5,000 over 25 years. How much more at Charter One? Options: $1,183.41, $1,209.79, $1,251.63, $1,324.10

Back

$1,251.63

Front

Claire's investment: $1,800 at 2.5% interest compounded semiannually for 12 years, then reinvested at 4% interest compounded monthly for 7 years. How much will be in the new account?

Back

$3,207.40

Front

Anne and Shelly each deposited $500 in accounts with 6% interest. Anne's is simple interest, Shelly's is compounded annually. After 4 years, what is the difference in their account balances?

Back

Shelly will have $11.24 more in her account than Anne has in her account.

Front

When calculating interest, how do you write the percent? Options: a fraction, a decimal, a round number, not enough information

Back

a decimal

Front

Steve deposited $5,000 in a savings account that pays 4% interest compounded annually. Which equation could be used to find the value of the account after 3 years? Options: A = 5,000(1 + 4)³, A = 5,000(1 + 0.04)³, A = 5,000(1 + 0.4) x 3, A = 5,000(0.04)³

Back

A = 5,000(1 + 0.04)³