Simple and Compound Interest Practice

Use simple interest to find the ending balance.

$34,100 at 4% for 3 years

(a)  

Use simple interest to find the ending balance.

$210 at 8% for 7 years

(a)  

The ending balance on an investment is $248.29. If the principal was invested at 3% compounded annually for eight years, what was the principal?

$2,300 at 7% for 9 years

$14,000 at 6% for 9 years

A bank is offering 3% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in 3 years?

Sarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%. How much interest will she pay at the end of the 4 years?

A bank is offering 7% annual compound interest on a savings account. If you deposit $1,500, what will be the total amount of money in your savings account after 1 year?

When calculating interest, how do you write the percent?

If you put $85.81 into a savings account that earns 15%, how much interest will you receive at the end of three years?