Compound Interest!

Lamaria takes out a home loan of $200,000. She will pay the loan back over 30 years, with an interest rate of 5%, compounded annually. How much total will Lamaria pay back at the end of 30 years? Round to the nearest 100th.

If an investment is compounded monthly, n=

• 1

• 4

• 12

• 365

Tags

CCSS.HSF-LE.A.1C

If the term of a loan is 6 months, t=

• 0.5

• 1

• 3

• 6

Tags

CCSS.8.EE.C.7B

If a loan is compounded annually, n=

• 1

• 4

• 12

• 365

Terry invested $12,000, with an interest rate of 0.5%, compounded monthly. How much money will Terry have after 18 months?

Round to the nearest 100th!