Simple Interest and Compound Interest

The formula of Simple Interest is

• I = P + R% + T

• I = P × R% × T

• A = P + I

• A = P (1 + R% × T)

Tags

CCSS.7.RP.A.3

$1 000 is deposited in a bank at an interest rate of 5% p.a. for 2 years. Find simple interest.

• $100

• $200

• $500

• $1000

Tags

CCSS.7.RP.A.3

$4 000 is deposited in a bank at an interest rate of 6% p.a. Find the time required to receive a simple interest of $160.

How to set the equation?

• T = 4000 × 6% - 160

• T = 4000 × 6% ÷ 160

• 4000 = 160 × 6% × T

• 160 = 4000 × 6% × T

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CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.4

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

A sum of money is deposited in a bank at an interest rate of 3% p.a. The simple interest received after 2 years will be $450. Find the sum of money deposited.

• $6 500

• $7 000

• $7 500

• $8 000

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CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.4

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

$50 000 is deposited in a bank at a simple interest rate of 3% p.a. Find the amount received after 4 years.

• $50 000

• $52 000

• $54 000

• $56 000

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

A sum of money is deposited in a bank at an interest rate of 2% p.a. The simple interest received after 3 months will be $75. Find the amount received.

• $15 000

• $15 075

• $15 150

• $15 175

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.4

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

Find the amount if $20000 is deposited at a rate of 2.5% p.a. compounded yearly for 4 years.

•  $20000\times2.5\%\ \times4+20000$  

•  $20000\times2.5\%\times4$  

•  $20000\times\left(1+2.5\%\right)^4$  

•  $20000\times\left(1+2.5\%\right)^4-20000$  

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

CCSS.HSF.LE.B.5

Find the amount if $36000 is deposited at a rate of 5% p.a. compounded half-yearly for 4 years.

•  $36000\times\left(1+5\%\right)^4-36000$  

•  $36000\times\left(1+\frac{5\%}{2}\right)^{4\times2}$  

•  $36000\times\left(1+\frac{5\%}{2}\right)^{4\times2}-36000$  

•  $36000\times\left(1+5\%\right)^2$  

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

Find the interest if $10000 is deposited at a rate of 6% p.a. compounded quarterly for 8 years.

• $10000\times\left(1+\frac{6\%}{4}\right)^{8\times4}-10000$

• $10000\times\left(1+6\%\right)^{8\times4}-10000$

• $10000\times\left(1+6\%\right)^{8\times4}$

• $10000\times\left(1+\frac{6\%}{4}\right)^{8\times4}$

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

Find the interest if $3 000 is deposited at a rate of 4.5% p.a. compounded monthly for 5 years.

• $3000\times\left(1+4.5\%\right)^5$

• $3000\times\left(1+4.5\%\right)^5-3000$

• $3000\times\left(1+\frac{4.5\%}{12}\right)^{5\times12}-3000$

• $3000\times\left(1+\frac{4.5\%}{12}\right)^{5\times12}$

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