Simple/Compound interest practic

At age 15 you go to work for Braums. You take your 1st paycheck of $120 and put it in savings.  Your $120 earns 2% interest compounded annually.  If you leave the $120 in the account, how much money will you have when you turn 55?

• $264.96

• $144.96

• $216

• $96

Sarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%.  What is the total amount she will repay for the car loan?

• $504,000

• $5,040

• $23,040

• $18,000

How much interest is earned on a $50 loan at a rate of 3% compounded annually for 5 years?

• $7. 96

• $57. 96

• $7.50

• $57.50

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

• $412,749.79

• $529.305.61

• $689,546.99

• $640,891.53

Which answer is closest to the amount of interest earned on if you save $100 that earns 3% interest compounded annually for 10 years?

• $30

• $130

• $34.39

• $134.39

What is the total balance if you borrow $3500 with an interest rate of 2% compounded annually for 4 years?

• $280

• $3780

• $288.51

• $3788.51

Mr. Crane needs to get a loan to replace the air-conditioning system in his home. The cost of the replacement, including installation, is $4,348.00. He can apply for a 5 year loan or a 3-year loan. Both loans involve simple interest with an annual interest rate of 6.5%. If Mr. Crane applies for the 5-year loan, how much more will he pay in interest than with the 3-year loan? 

• $704.98

• $565.24 

• $2,260.96 

• $5,652.40

CC invested $35,000 in a mutual fund that earns 6% interest per annum compounded annually. To the nearest dollar, how much was her investment worth after 3 years?

• $39,200

• $39,326

• $41,300

• $41,686

Which situation best represents the following equation?
 25 + .05x = 50 + .01x

• There are two cell phone companies that charge based on the number of minutes used each month, x. Cellular One charges $50 plus 5 cents per minute. Cellular Plus charges $25 plus 1 cent per minute. How many minutes can be used in one month to make the two companies charge the same amount?

• There are two cell phone companies that charge based on the number of minutes used each month, x. Cellular One charges $25 plus 5 cents per minute. Cellular Plus charges $50. How many minutes can be used in one month to make the two companies charge the same amount?
  

• There are two cell phone companies that charge based on the number of minutes used each month, x. Cellular One charges $25 plus 5 cents per minute. Cellular Plus charges $50 plus 1 cent per minute. How many minutes can be used in one month to make the two companies charge the same amount?

Find the MAD:
58, 38, 54, 48, 26, 36

• 43

• 20

• 10

• 12