Simple and Compound Interest

Find the total amount in the account to the nearest cent if the interest is compounded annually. 
$2750 at 8% for 2 years

• $220
• $440
• $660

Tags

CCSS.HSF-LE.A.1C

The simple interest formula is A(t)=Pe^rt.  What does the t represent?

• Principle
• Interest
• Time
• Percent Rate

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much in simple interest interest?

• $377.50
• $376.25
• $387.5
• $262.50

Tags

CCSS.HSF.BF.A.2

In the interest formulas.  The P represents the principle.  The principle is ___________________.  

• the amount of money borrowed or deposited
• the percent interest for his year
• the amount taxed
• the amount the bank owes you for being a customer at their bank

Tags

CCSS.8.EE.C.7B

Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?

• $150
• $192
• $1350
• $1392

Tags

CCSS.HSF.BF.A.2

Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase.  The bank said that she could get a simple interest rate of 8% for 5 years.  What is the total amount that Beyonce will pay for the chair?

• $2600
• $910
• $9100
• $260

Tags

CCSS.HSF.BF.A.2

I = Prt where r represents the rate.  Rates must be converted into ____ before multiplying.

• fractions
• mixed numbers
• decimals

Tags

CCSS.8.EE.C.7B

Jimmy invested $200 in a retirement account that had a rate of 20% that compounds yearly.  If Jimmy leaves his money puts the money in when he is 24 and takes it out when he is 64, how much money will be in his account rounded to the nearest dollar?

• $29395
• $293954.31
• $293954

Tags

CCSS.HSF-LE.A.1C

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

• $827.52
• $837.67
• $839.45
• $846.80

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

• $6,273.50
• $6,314.08
• $6,385.72
• $6,427.94