Simple and Compound Interest

Jimmy invested $200 in a retirement account that had a rate of 20% that compounds annually.  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

The Henley's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually, how much total will they have paid after 30 years?

• $412,749.79
• $529.305.61
• $689,546.99
• $640,891.53

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 annually. What will be his balance after 15 year?

• $827.52
• $831.10
• $839.45
• $846.80

Tags

CCSS.7.RP.A.3

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.7.RP.A.3

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

• 6%
• 6%
• 8%
• 9%

Tags

CCSS.7.RP.A.3

The Arnold's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually, how much total will they have paid after 30 years?

• $412,749.79
• $529.305.61
• $689,546.99
• $640,891.53

Tags

CCSS.HSF-LE.A.1C

Bruno was given $2000 when he turned 3 years old.  His parents invested it at a 2% interest rate compounded annually.  No deposits or withdrawls were made.  Which expression can be used to determine how much money Bruno had in the account when he turned 16? 

• 2000(1+0.02)¹³
• 2000(1-0.02)¹³
• 2000(1+0.02)¹⁶
• 2000(1-0.02)¹⁶

Tags

CCSS.HSF.BF.A.2

Brian is buying a car and he has two options.
Option 1: $14000      5% interest compounded annually for 5 years
Option 2: $15000      3% interest compounded annually for 6 years
Which statement is true? 

• Option 1 is better because the total price is about $43 cheaper than option 2
• option 2 is better because it is about $43 cheaper than option 1
• option 1 is better  because it is about $200 cheaper than option 2
• option 2 is better because it is about $200 cheaper than option 1

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

Ray has $175 in an account.  He will earn 3.3% interest compounded annually for 5 years.  Which equation shows how to find the total amount in his account after 5 years

• 175 x 0.033 x 5
• 175(1 + 0.033)⁵
• (175 x 0.033 x 5) + 175
• none of these

Bruno was given $2000 when he turned 3 years old.  His parents invested it at a 2% interest rate compounded annually.  No deposits or withdrawls were made.  Which expression can be used to determine how much money Bruno had in the account when he turned 16? 

• 2000(1+0.02)¹³
• 2000(1-0.02)¹³
• 2000(1+0.02)¹⁶
• 2000(1-0.02)¹⁶

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2