Mark borrowed $25,000 for a car loan. The simple interest rate is 5.5% and the loan will be paid off over a 5 year period. How much interest will Mark pay for the loan? Which formula should I use? The question is asking me to find the

the total amount in the account

Suppose you borrowed $3000 at a 9% interest rate for 4 years. If the loan involves compound interest, how much interest did you have to pay back? Which formula should I use? The question is asking me to find the

the total amount in the account

Simple Interest / Compound Interest

Authored by Jude Platukis

Mathematics, Business, Life Skills

9th - 12th Grade

CCSS covered

Used 77+ times

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15 questions

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MULTIPLE CHOICE QUESTION

1 min • 2 pts

A bank is offering 2.5% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in three years?

$5375

$375

$37500

$42500

You lend $240 to your friend. He pays you back $30 in interest in one year. What interest rate did you charge your friend?

88%

20%

12.5%

10%

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

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Riley earn in 15 years?

$1,584.62

$2,651.39

$2,706.86

$1,825.10

Treasure won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much total will she earn in 10 years?

$4915.59

$3933.28

$2979.81

$4005.09

MULTIPLE CHOICE QUESTION

3 mins • 2 pts

Maggie would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years?

$15,415.94

$15,683.28

$15,927.56

$16,109.05

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Principal: $5000
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.

$12712.31

$12,749.30

$12,657.59

$12550.84

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Simple Interest / Compound Interest

A bank is offering 2.5% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in three years?

You lend $240 to your friend. He pays you back $30 in interest in one year. What interest rate did you charge your friend?

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?

Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Riley earn in 15 years?

Treasure won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much total will she earn in 10 years?

Maggie would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years?

Principal: $5000
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.

Holly is taking out a loan in the amount of $10,000. Her choices for the loan are a 4-year loan at 4% simple interest and a 6-year loan at 5% simple interest. What is the difference in the amount of interest Holly would have to pay for each of these two loans?

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

Kevin took out a loan for $5,000 to buy a jet ski. He financed this loan with his bank. The loan has a simple interest rate of 4.35% and is for 6 years.
Move the correct answer to each box.
Kevin will pay a total amount of (a) on this loan. Of this, (b) will be in interest.

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Similar Resources on Wayground

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Discover more resources for Mathematics

Simple Interest / Compound Interest

A bank is offering 2.5% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in three years?

You lend $240 to your friend. He pays you back $30 in interest in one year. What interest rate did you charge your friend?

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?

Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Riley earn in 15 years?

Treasure won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much total will she earn in 10 years?

Maggie would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years?

Principal: $5000Interest Rate: 3.75%Time: 25 yearsCompounded MonthlyState the future account balance.

Holly is taking out a loan in the amount of $10,000. Her choices for the loan are a 4-year loan at 4% simple interest and a 6-year loan at 5% simple interest. What is the difference in the amount of interest Holly would have to pay for each of these two loans?

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

Kevin took out a loan for $5,000 to buy a jet ski. He financed this loan with his bank. The loan has a simple interest rate of 4.35% and is for 6 years.Move the correct answer to each box.Kevin will pay a total amount of ​ (a) on this loan. Of this, ​ (b) will be in interest.

Access all questions and much more by creating a free account

Similar Resources on Wayground

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Discover more resources for Mathematics

Principal: $5000
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.

Kevin took out a loan for $5,000 to buy a jet ski. He financed this loan with his bank. The loan has a simple interest rate of 4.35% and is for 6 years.
Move the correct answer to each box.
Kevin will pay a total amount of (a) on this loan. Of this, (b) will be in interest.