Simple and Compound Interest

When calculating

interest, how do you write the percent?

• a fraction

• a decimal

• a round number

• not enough information

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

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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CCSS.HSF.BF.A.2

The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.

• the amount of money borrowed or deposited

• the percent interest for his year

• the amount taxed

• the amount the bank owes you for being a customer at their bank

Tags

CCSS.7.RP.A.3

The simple interest formula is I=Prt. What does the t represent?

• Principle

• Interest

• Time

• Percent Rate

Tags

CCSS.8.EE.C.7B

Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.

• 14

• 140

• 168

• 16.80

Tags

CCSS.7.RP.A.3

the time has to be in _____________

• years

• months

• days

• seconds

Tags

CCSS.7.EE.A.2

CCSS.HSA.SSE.A.2

Joe went to the store to buy a car, he needed to buy a car to get to work, the car cost 19,000$. Joe needs to Borrow 19,000$ in order to get a car, to get to work. He gets a loan at 3% interest rate for 5 years with simple interest, what is the Principle?

• 2,850$

• 21,850$

• 19,000$

• 38,000$

Tags

CCSS.7.RP.A.3

Your 3 year investment of $20,000 received 5.2% interest compounded annually.  What is your total return?

• $23,285.05

• $3,285.05

• $2,385

• $32,285

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

You take out a loan for $175,000. Which option will cost you less?

A) Simple Interest rate of 4.17% over 15 years

B) Compound Interest rate of 3.5% over 15 years

• Option A

• Option B

• they are both equal

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1

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

• $412,749.79

• $529.305.61

• $689,546.99

• $640,891.53

Tags

CCSS.HSF-LE.A.1C