Simple and Compound Interest

1. Maya took out a loan for $1,000 with a simple interest rate of 5%. What will the interest be after 30 months?

• $1500

• $150,000

• 125

• $12,500

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When calculating

interest, how do you write the percent?

• a fraction

• a decimal

• a round number

• not enough information

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On a scale from 1-5, (5 being the best). How well do i understand simple and compound interest?

• 5

• 4

• 3

• 2

• 1

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Steve deposited

$5,000 in a savings account that pays 4% interest compounded annually. Which

equation could be used to find the value of the account after 3 years?

• A = 5,000(1 + 4)³

• A = 5,000(1 + 0.04)³

• A = 5,000(1 + 0.4) x 3

• A = 5,000(0.04)³

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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

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Garrison

deposited $500 in an account that earns 5% annual interest compounded annually. If he makes no withdrawals or deposits, how

much INTEREST will the account earn after 4 years?

• $600

• $100

• $607.75

• $107.75

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Gilberto

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

to the account, what will be the total amount after 7 years?

• $3,325

• $13,325

• $13,838.16

• $13,000

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Travis

invests $25,000 in a savings account that pays 2.75% simple interest. How much interest does he earn each year?

• $787.50

• $625

• $657.50

• $687.50

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Audrey deposited $2,800 in a

savings account that pays 2.65% interest compounded annually. What is the total

value of the account after 7 years?

• $562.57

• $3362.57

• $14,514.15

• $2,569,680

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Find the total amount in the account to the nearest cent if the interest is compounded annually. 
$2750 at 8% for 2 years

• $220
• $440
• $660

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