Annual Compound Interest

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 three years?

• $337.56
• $1837.56
• $31500
• $30000

Tags

CCSS.7.RP.A.3

A bank is offering 7% annual compound interest on a savings account.  If you deposit $1,500, how much interest will you earn in three years?

• $1837.56
• $337.56
• $30000
• $31500

Tags

CCSS.7.RP.A.3

Kara borrowed $21,000 for 5½ years at an annual compound interest rate of 7.5% to buy a car.  What is the total amount she will repay the bank for the auto loan?

• $31258.30
• $10258.30
• $981750
• $27165

Tags

CCSS.7.RP.A.3

Kara borrowed $21,000 for 5½ years at an annual compound interest rate of 7.5% to buy a car.  How much interest will she pay on top of the principal at the end of the 5½ years?

• $31258.30
• $27165
• $10258.30
• $981750

Tags

CCSS.7.RP.A.3

Aaron deposited $3,000 into a savings account.  How much will Aaron have in his account after 5 months at an annual compound interest rate of 3¼%?

• $3040.25
• $40.25
• $4159.70
• $5482.14

Tags

CCSS.HSA.SSE.A.1

CCSS.HSA.CED.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.B.5

CCSS.HSA.CED.A.4

Your investment of $20,000 received 5.2% annual interest. How much do you have at the end of 3 years?

• $23,285.05

• $3,285.05

• $2,385

• $32,285

Tags

CCSS.HSF.BF.A.2

You borrowed $59,000 for 2 years at 11% annual interest. What total will you pay back?

• $13,693.90

• $1,363.90

• $72,693.90

• $73,793.90

Tags

CCSS.HSF.BF.A.2

Caiden 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 year?

• $827.52
• $831.10
• $839.45
• $846.80

Tags

CCSS.HSA.SSE.A.1

CCSS.HSA.CED.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

The compound interest formula is:

A = P(1 + r)^t

What does the A represent?

• The amount of interest earned.

• The amount of time that has passed.

• The total amount of money after a certain amount of time.

• The amount required to invest.

Tags

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.B.5

the time has to be in _____________

• years

• months

• days

• seconds

Tags

CCSS.7.EE.A.2

CCSS.HSA.SSE.A.2