College Savings, Simple & Compound Interest, Loans Test Review

Nora wants to open a small business. Her grandfather will loan Nora $10,000 that she must repay in 4 years. Nora must also include an annual 2% simple interest amount when she repays her grandfather. What is the total amount Nora's grandfather will receive from Nora?

• $10,624.32

• $10,800.00

• $140,000.00

• $800.00

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

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.7.RP.A.3

Mr. Thanh invested $4,500 into a savings account that earns 4% interest compounded annually.  He made no additional deposits or withdrawals.  Which expression can be used to determine the number of dollars in this account at the end of 3 years?

• 4500(1+0.03)⁴
• 4500(1+0.3)⁴
• 4500(1+0.04)³
• 4500(1+0.4)³

Tags

CCSS.HSF.BF.A.2

Your 2 year investment of $5,300 earns 2.9% and is compounded annually.  What will your total return be?

• $5,304.46
• $5,611.86
• $5,613.28
• $8,819.73

Write the percent as a fraction in simplest form. 
65%

• .65
• 65/100
• 7/50
• 13/20

Jimmy Neutron 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

What is 0.02 as a percent?

• 20%
• 2%
• 0.2%
• 200%

Mindy’s mother is planning to borrow $17,000 to remodel the restaurant she owns. She contacted several loan companies, and she is comparing two different options.

• Company 1 offers an interest rate of2.25%.

• Company 2 offers an interest rate of 3.5%.

Both loan options involve simple interest and must be repaid in exactly 3 years. How much more will Mindy’s mother pay in interest if she chooses to borrow the money from Company 2?

• $510

• $1785

• $2295

Tags

CCSS.7.RP.A.3

Charly is going to deposit $970 in an account that earns 3.8% interest compounded annually. Her sister Rob will deposit $615 in an account that earns 2.2% simple interest each year. They deposit the money on the same day and make no additional deposits or withdrawals from the accounts. Which account will have the most and by how much after 13 years?

• $175.89

• $790.89

• $784.32

• $1,575.21