Compound Interest

Monthly means how many times a year?

• 4 
• 12
• 52
• 365

Tags

CCSS.4.MD.A.1

Heather invested $8,000 in an account that pays 4.1% interest compounded annually when she was 22. What will be the value of the account when she is 26?

• $9,394.92

• $9,312.00

• $1,394.00

• $1,312.00

Tags

CCSS.HSF-LE.A.1C

Zach's parents put $1,500 in his bank account for college tuition. At an interest rate of 8.25% compounded quarterly, what will be the balance after 18 years?

Tracy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much total will she earn in 10 years?

Gary deposited $500 in an account that earns 3% interest compounded annually. How much interest will the account earn after 6 years?

Tags

CCSS.HSF.BF.A.2

Emily 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.

Principal: $999

Interest Rate: 5.45%

Time: 19 years

Compounded Quarterly

State the future account balance.

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

Change 6.75% to a decimal.

To earn as much interest as possible, you should open a savings account that earns ______ interest and has the _____ interest rate.

• compound; lowest
• simple ; lowest
• compound ; highest
• simple ; highest

Tags

CCSS.7.RP.A.3