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Compound interest

Authored by Staci Jenks

Other

9th Grade

Used 34+ times

Compound interest
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6 questions

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1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Caiden earned $475 from mowing lawns last summer.He deposited this money in an account that pays an interest rate of 3.8% compounded semi annually. What will be his balance after 15 years?

$831.10

$835.45

$629.95

$846.80

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually,what will be the balance after 18 years?

$6,273.50

$6,314.08

$6,385.72

$6,427.94

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

$16,349.72

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

$412,749.79

$429,305.61

$471,259.24

$494,546.99

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Twelve years ago, Claire put $1,800 in an account that pays an interest rate of 2.5% compounded semiannually.She now plans to take the money in that account and invest it in another account that earns 4% interest compounded monthly. How much money will be in this new account after 7 years?

$3,207.40

$3,348.96

$3,574.15

$3,733.62

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Shawn is buying a new Jet Ski for $12,500. He is considering two credit options. Option A offers a 6 year loan with 8.5% interest compounded quarterly, while Option B offers a 5 year loan with 10% interest compounded annually. Which is the better option and how much will he save?

B; $573.83

B; $495.21

A; $573.83

A; $495.21

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