Compound Interest

In the compound interest formula A=P(1+r)^t what does the A stand for?

• The amount of interest

• The total amount

• The interest rate

• The time

Tags

CCSS.7.RP.A.3

In the compound interest formula A=P(1+r)^t what does the P stand for?

• The time

• The total amount

• The principal amount (original amount)

• The interest rate

Tags

CCSS.7.RP.A.3

Jacob borrows $500 from Abraham and agrees to have the loan compounded annually for 5 years with an interest rate of 2.5%. How much will the total amount be that Jacob owes?

• $565.70

• $262609.38

• $65.70

• $630.20

Tags

CCSS.7.RP.A.3

Hei-Hei has $1500 in a retirement account earning 5% interest compounded annually. After 5 years how much does Hei-Hei have in the account?

• $1750

• $2010.14

• $2500

• $1914.42

Tags

CCSS.7.RP.A.3

Henry deposits $750 into a college savings account that is compounded annually when his parents received as a stimulus package. If Henry lets the money sit in the account without adding or removing any and receives a 8.5% interest rate, how much money will he have total after 5 years?

• $1127.74

• $1535.24

• $2345.67

• $850.76

Tags

CCSS.7.RP.A.3

If you wanted to amount of interest an account has earned after being compounded annually. What would you have to do after you found "A" using the formula A=P(1+r)^t ?

• Add A (total amount) plus P (original amount)

• Subtract A (total amount from P (original amount)

• Add P (original amount) plus A (total amount)

• Subtract P (original amount) from A (total amount)

Tags

CCSS.7.RP.A.3

Julia invested $1000 for college in an account earning 5% compounded annually. When she checked the account after 4 years, how much money did she find in the account?

• Not enough

• $563.24

• $1215.51

• $3200.12

Tags

CCSS.7.RP.A.3

Daniel invests $360 in a bank account that is compounded annually for 8 years with an interest rate of 5.5%. What will be the total amount in the account after the 8 years is over?

• $625.88

• $950.12

• $315.45

• $552.49

Tags

CCSS.7.RP.A.3

Mr. Lucas bought a new lounge chair for his game room. The one he chose was $425. He had to pay a sales tax of 8.2%. What was the amount of sales tax he paid on the chair?

• $24.90

• $44.30

• $34.85

• Not Here

Tags

CCSS.7.RP.A.3

Vickie makes $40,000 annually.  If she pays 20% in income tax, what is the amount of income tax she will pay?

• 8000
• 80000
• 2000
• 1200

Tags

CCSS.6.RP.A.3C