Two brothers, Marvin and Luis, each invest $5,000 into accounts that earn 5% interest. Neither brother deposits or withdraws anything from the account for 25 years. If Marvin's account earns compound interest and Luis's account earns simple interest, who will earn more interest after 25 years, and by how much?

Marvin will earn $5,681.77 more in interest than Luis

Luis will earn $11,250 more in interest than Marvin

Marvin will earn $16,931.77 more in interest than Luis

Marvin will earn $10,681.77 more in interest than Luis

Kevin financed a $2,800 vacation on his credit card. The table shows different monthly payments that Kevin is considering making, including how many months it would take him to pay off the card and the total amount he will pay in interest. Which is a correct conclusion from the table?

The more he chooses to pay off each month, the less total interest he will pay

The more he chooses to pay off each month, the higher total interest he will pay

The quicker he pays off the credit card, the more interest he will pay

The amount he chooses to pay each month will not affect the total interest he pays

Richard wants to start a college savings account for his daughter. Which would be helpful advice to give Richard in order to help him maximize his savings amount?

Choose a savings account with compound interest rather than simple interest

Invest only for a short amount of time

Choose a savings account with a small interest rate

Regularly withdraw money from the savings account

Financial Literacy Review (Pre-Algebra)

Quiz

•

Mathematics

•

7th - 8th Grade

•

Practice Problem

•

Medium

•

CCSS

7.RP.A.3, 8.EE.C.7B, HSF-LE.A.1C

+4

Standards-aligned

BETHANY JOHNSON

Used 33+ times

FREE Resource

18 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

5 mins • 1 pt

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?

Tags

CCSS.7.RP.A.3

2.

FILL IN THE BLANK QUESTION

5 mins • 1 pt

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?

Tags

CCSS.HSF-LE.A.1C

3.

FILL IN THE BLANK QUESTION

5 mins • 1 pt

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?

Tags

CCSS.7.RP.A.3

4.

FILL IN THE BLANK QUESTION

5 mins • 1 pt

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?

5.

FILL IN THE BLANK QUESTION

5 mins • 1 pt

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?

Tags

CCSS.7.RP.A.3

6.

FILL IN THE BLANK QUESTION

5 mins • 1 pt

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?

7.

FILL IN THE BLANK QUESTION

5 mins • 1 pt

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?

Tags

CCSS.7.RP.A.3

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Financial Literacy Review (Pre-Algebra)

18 questions

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?

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?

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?

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?

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?

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?

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?

Create a free account and access millions of resources

Similar Resources on Wayground

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Discover more resources for Mathematics

Financial Literacy Review (Pre-Algebra)

18 questions

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?

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?

Meredith invests $18,200 in an account that earns 314%3\frac{1}{4}\%341​% simple interest. If Meredith does not make any additional deposits or withdrawals, what will the balance in her account be after 15 years?

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?

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?

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?

Tamara's tuition for her first year of college costs $8,240. Tamara received a scholarship that will cover 14\frac{1}{4}41​ 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?

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Mathematics

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?

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?