Simple and Compound Interest

Mr. Jenkins deposited $1,250 into an account. He made no additional deposits or withdrawals. Mr. Jenkins earned 4.25% annual simple interest on the money in the account. What was the balance in dollars and cents in Mr. Jenkin's account at the end of 4 years?

• $212.50

• $1,462.50

• $2,125

• $3,375

Tags

CCSS.7.RP.A.3

Gabriel deposits $2,500 into each of two savings accounts. Account I earns 4% annual simple interest. Account II earns 4% interest compounded annually. Gabriel does not make any additional deposits or withdrawals. What is the sum of the balances of Account I and Account II at the end of 3 years?

• $5,600.00

• $5,612.16

• $5,624.32

• $5,200.00

Mr. Wilkins deposited $2,500 in a new account at his bank. The bank pays 6.5% interest compounded annually on this account. Mr. Wilkins makes no additional deposits or withdrawals. Which amount is closest to the balance of the account at the end of 2 years?

• $2,835.56

• $2,513.00

• $2,662.50

• $2,825.00

Tags

CCSS.HSF-LE.A.1C

Mr. Flores opened an account with a deposit of $5,000. the account earned annual simple interest. He did not make any additional deposits or withdrawals. At the end of 4 years, the balance of the account was $6,500. What is the annual interest rate on this account?

• 5.8%

• 7.5%

• 3.3%

• 1.9%

Tags

CCSS.6.EE.A.2C

Nicolas has $650 to deposit into two different savings account. Nicolas will deposit $400 into Account I, which earns 3.5 % annual simple interest. He will deposit $250 into Account II, which earns 3 1/4% interest compounded annually. Nicolas will not make any additional deposits or withdrawals. Which amount is the closest to the total balance of these two accounts at the end of 2 years?

• $672.13

• $695.00

• $694.25

• $694.51