Compound Interest

Hayden 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

You borrowed $59,000 for 2 years at 11% which was compounded annually.  What total will you pay back?

• $13,693.90
• $1,363.90
• $72,693.90
• $73,793.90

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Semi-Annually means how many times a year?

• 4 
• 2
• 1
• 6

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Change 6.75% to a decimal.

• 67.5
• .675
• 675
• .0675

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

• $1,584.62

• $2,651.39

• $2,706.86

• $1,825.10

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

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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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Given an investment of $1,500:
Which investment would have a larger balance after 5 years?
Option 1 - 4% compounded monthly
Option 2 - 3.9% compounded daily. 

• Option 1
• Option 2

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Ms. Howard took out a loan for $195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will she owe after 30 years if she makes no payments?

• $412,749.79

• $529.305.61

• $689,546.99

• $640,891.53

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

• $1,225,54
• $2,225.54
• $22,255.40
• $225.54

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