Financial Literacy Review (Pre-Algebra)

Vinny invested $25,000 in an account that earns 4.25% simple interest. If Vinny doesn't make any additional deposits or withdrawals, how much interest will he have earned after 9 years?

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CCSS.7.RP.A.3

Lucas invests $12,500 in an account that earns 6.2% compound interest. If Lucas does not make any additional deposits or withdrawals, how much will be in his account after 60 months?

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CCSS.HSF-LE.A.1C

Meredith invests $18,200 in an account that earns  $3\frac{1}{4}\%$  simple interest. If Meredith does not make any additional deposits or withdrawals, what will the balance in her account be after 15 years?

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CCSS.7.RP.A.3

T.J. invests $8,100 in an account that earns 7.2% compound interest. If T.J. does not make any additional deposits or withdrawals, how much interest will he earn after 7 years?

Dominik and Ryan both invest $6,500 into savings accounts that earn 6.8% interest. If Dominik's account earns compound interest, and Ryan's account earns simple interest, how much more interest will Dominik have earned after 10 years?

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CCSS.7.RP.A.3

Leon took out a $27,000 loan to purchase a car. His repayment options are listed in the table. How much money will Leon save if he repays the loan in 48 months rather than 60 months?

Piper has a balance of $1,500 on her credit card with a 21% interest rate. Piper will make payments of $79.54 for 24 months to pay off the card. How much will Piper pay in interest?

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CCSS.7.RP.A.3

The table shows the expenses for Deja's first year of college. If Deja's grandparents are paying for 80% of her first year's expenses, how much will Deja need to pay for?

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CCSS.6.RP.A.3C

Tamara's tuition for her first year of college costs $8,240. Tamara received a scholarship that will cover  $\frac{1}{4}$  of the the cost. If Tamara has two years to save up the remaining amount, how much should she save each month in order to meet her goal?

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CCSS.8.EE.C.7B

Naomi gets a $26,000 loan in order to purchase a new car. Her loan has an interest rate of 3.5% and she has decided she will pay off the car in 5 years with monthly payments of $473. If Naomi makes her monthly payments for the next 5 years, what is the total amount that she will spend to pay off the car?

• $28,380

• $26,000

• $455,000

• $31,270

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CCSS.HSF.BF.A.2