Compound and Simple Interest 7.13E

Front

Rita has a loan of $45,580 with a simple interest rate of 4% per year. What is the amount of interest charged at the end of one year?

Back

$1,823.20

Front

Mr. Juarez opened a savings account with an initial deposit of $560 and will not make any additional deposits or withdrawals. The account earns 1% simple interest. What is the total amount that Mr. Juarez will have in his account at the end of 3 years?

Back

$576.80

Front

Anne deposited $500 in an account that earns 6% simple interest. Shelly deposited $500 in an account that earns 6% interest compounded annually. They leave the money in the account for 4 years. Which statement is true about the two investments after 4 years?

Back

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

Front

Carly deposited $800 in an account that earns 6% interest compounded annually. Lara deposited $800 in an account that earns 6% simple interest. How much will each girl have in their account at the end of 10 years if they make no withdrawals or deposits?

Back

Carly: $1432.68 Lara: $1280

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?

Back

A = 5,000(1 + 0.04)³

Front

Heather invested $8,000 in a 4-year Certificate of Deposit (CD) that pays 4.1% interest compounded annually. What is the value of the CD at the end of the 4 years?

Back

$9,394.92

Front

David invests $10,000 in a savings account that pays 3.5% simple interest. If David makes no withdrawals or deposits to the account, how much will be in the account after 7 years?

Back

$12,450

Front

Garrison deposited $500 in an account that earns 5% interest compounded annually. If he makes no withdrawals or deposits, how much interest will the account earn after 4 years?

Back

$107.75

Front

Gilberto invests $10,000 in a savings account that pays 4.75% simple interest. If Gilberto makes no withdrawals or deposits to the account, how much will be in the account after 7 years?

Back

$13,325

Front

Travis invests $25,000 in a savings account that pays 2.75% simple interest. How much interest does he earn each year?

Back

$687.50