Simple/Compound Interest

Lizbeth has a savings account with $2500 in it. The bank gives her a simple interest rate of 2% for each year. How much money will she have in TOTAL after 10 years?

• $5000

• $500

• $7000

• $3000

Juan wants to buy the new iPhone 12 Max Pro to be cool like Angel. The bank gives him a $1500 loan, with 11% simple interest every year. How much will Juan pay after 5 years?

• $8250

• $825

• $2325

• $3425

Nathalie borrowed $25,000 from the bank to start an eyelash company. The bank gave her a compound interest loan with a 6.5% interest rate. How much will her TOTAL be after 15 years?

• $24,375

• $64,269

• $38,976

• $45,729,786

Victor wants to buy a new Ford F-150 because Ford is the best. The bank gives him $30,000 at a 7% simple interest rate for 8 years. How much INTEREST will be pay?

• $46,800

• $168,000

• $16,800

• $28,000

Mr. Lopez has a savings account with $80,000 because he is rich. The account has a simple interest rate of 3%. How much INTEREST will he earn after 30 years?

• $152,000

• $720,000

• $72,000

• $89,000

Stephanie wants to put her $25,000 into a simple interest savings account.

BANK A - 4% for 10 years

BANK B - 6% for 6 years

Which bank will give her MORE interest?

• Bank A - $10,000

• Bank A - $100,000

• Bank B - $9,000

• Bank B - $90,000

Javier wants to buy five more horses. The bank gives him a compound interest of 2% for 20 years for $15,000. How much will be pay in TOTAL?

• $575,063

• $21,000

• $6,000

• $22,289

Melanie wants to put $8,000 into a savings account.

BANK A - simple interest of 5% for 10 years

BANK B - compound interest of 5% for 10 years

Which bank will give her the most money in TOTAL?

• Bank A - $62,000

• Bank B - $13,031

• Bank A - $12,000

• Bank B - $16,289