Financial Literacy Review (8th grade)

A bank is offering 2.5% simple interest on a savings account.  If you deposit $5,000, how much interest will you earn in three years? (a)  

• $5375
• $375
• $37500
• $42500

Sarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%.  How much interest will she pay at the end of the 4 years? (a)  

• $5040
• $23040
• $504000
• $18000

Sarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%.  What is the total amount she will repay for the car loan? (a)  

• $504000
• $5040
• $23040
• $18000

A bank is offering 7% annual compound interest on a savings account.  If you deposit $1,500, what will be the total amount of money in your savings account after three years?

• $337.56
• $1837.56
• $31500
• $30000

A bank is offering 7% annual compound interest on a savings account.  If you deposit $1,500, how much interest will you earn in three years?

• $1837.56
• $337.56
• $30000
• $31500

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

• $800
• $1,000
• $1,200
• $1,500

Yvette pays of a 6 month loan at $760 per month. What is her total repayment amount?

• $760

• $4560

• $766

• $126.67

What is the total repayment Phil will pay on a loan he took out for three years with a monthly payment of $354.00?

• $1,062

• $12,744

• $4,248

• $88.50