Simple and Compound Recap

Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?

• $120
• $144
• $1,200
• $1,440

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

• 6%
• 6%
• 8%
• 9%

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

• $160

• $800

• $80,000

• $16

Find the balance in the account after the given period.

$12,000 principal earing 4.8% compounded annually after 7 years.

• $3,243.19

• $16,661.35

• $15,243.19

• $4,661.35

Your $54,200 2 year car loan is at 15.1% compounded annually. What will you have paid for your car after 2 years?

• $62,693.15

• $62,384.20

• $71,804.21

• $341,465.42

David earned $10,000 from his company.  He deposited it into an account that earned 3% interest compounded annually.  How much interest did he earn after 4 years?

• $11,255.09
• $1255.09
• $1200
• $11,200