Compound Interest

Sam invests $5600 into a compound interest account. The account earns 10% per annum, compounding yearly. What will the value of the account be after 5 years?

• $9018.86

• $8819.85

• $3418.85

• $7400.55

Liam invests $700 into a compound interest account. The account earns 12% per annum, compounding yearly. What will the value of the account be after 2 years?

• $878.08

• $808.08

• $178.08

• $108.08

Ian borrows $16500 from the bank. He is charged 6% per annum, compounding yearly. How much will he owe the bank in 4 years time?

(Give your answer correct to the nearest cent)

Layne borrows $2500 from the bank. He is charged 3% interest per annum, compounding yearly. How much will he owe the bank in 10 years time?

(Give your answer correct to the nearest cent)

Liam invests $9000 into a compound interest account. The account earns 4% per annum, compounding yearly. What will the value of the account be after 20 years?

• $12450.20

• $10720.11

• $17790.20

• $19720.11

Sam invests $4300 into a compound interest account. The account earns 8% per annum, compounding yearly. How much interest will he earn in 5 years?

• $6319.11

• $2018.11

• $7250.10

• $1250.18

Ian borrows $6500 from the bank. He is charged 6% per annum, compounding yearly. How much will he be charged over a period of 3 years?

(Give your answer correct to the nearest cent)

Bob borrows $12500 from the bank. He is charged 2% per annum, compounding yearly. How much will he be charged over a period of 10 years?

(Give your answer correct to the nearest cent)

Sam invests $56520 into a compound interest account. The account earns 8% per annum, compounding yearly. What will the value of the account be after 4 years?

• $76894.84

• $76894.83

• $20374.84

• $7400.55

Sam owes $43504 to the bank for a loan. He plans to repay the loan at a rate of $1359.50 per month. How many months will it take to completely repay the loan

• 12

• 26

• 32

• 36