Simple and Compound Interest Practice

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 years?

• $827.52

• $831.10

• $839.45

• $846.80

If $1,000 is invested at 16% interest, compounded annually, for five years, what is the ending balance?

• $1,225,54

• $2,100.34

• $22,255.40

• $225.54

Carly deposited $800 in an account that earns 6% interest compounded annually.

Lara deposited $800 in an account that earns 6% simple interest.

How much will each girl have in their account at the end of 10 years if they make no withdrawals or deposits?

• Carly: $1432.68 Lara: $1280

• Carly: $1444.89 Lara: $1280

• Carly: $1444.89 Lara: $1320

• Carly: $1432.68 Lara: $1320

Anne deposited $500 in an

account that earns 6% simple annual interest.

Shelly deposited $500 in an account that earns 6% annual interest

compounded annually. They leave the

money in the account for 4 years. Which

statement is true about the two investments after 4 years?

• Shelly will have $131.24 more in her account

  than Anne has in her account.

• They will have the same

  amount in their accounts.

• Shelly will have $11.24 more

  in her account than Anne has in her account.

• Anne will have $11.24 more in

  her account than Shelly has in her account.

Heather invested $8,000 in a 4-year Certificate of Deposit (CD) that pays 4.1% interest compounded annually. What is the value of the CD at the end of the 4 years?

• $9,394.92

• $9,312.00

• $1394.00

• $1312.00

David invests $10,000 in a savings account that pays 3.5% simple interest. If David makes no withdrawals or deposits to the account, how much will be in the account after 7 years.

• $2,450

• $11,750

• $12,450

• Not here

Tags

CCSS.7.RP.A.3

Gilberto

invests $10,000 in a savings account that pays 4.75% simple interest. If Gilberto makes no withdrawals or deposits

to the account, how much will be in the account after 7 years?

• $3,325

• $13,325

• $13,838.16

• $13,000

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CCSS.HSF.BF.A.2

Mark took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded monthly, how much total will he have paid after 5 years.

• $33,299.42
• $33,672.68
• $34,157.04
• $34,389.55

Olivia 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

Kennedy 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