5/29-Simple & Compound Interest & Rule of 72

• rate

• principal

• time

• amount

• rate

• principal

• time

• amount

Caiden deposited $475 in an account that pays a simple interest rate of 3.8%. What will be his balance after 15 years?

• $270.75

• $27.08

• $2,707.50

• $27,075.00

Tags

CCSS.7.RP.A.3

You borrowed $59,000 for 2 years at 11% which was compounded annually. What is the total?

• $13,693.90

• $1,363.90

• $72,693.90

• $73,793.90

You borrowed $1,690 for 5.5 years at an interest of 5.7%. How much is the total you pay?

• $1,690

• $2,292.45

• $1,87.55

• $3,982.45

Tags

CCSS.7.RP.A.3

Krystal has $3000 invested at a 2% interest rate compounded annually. Which expression can be used to determine how much money Krystal had after 16 years?

Tags

CCSS.HSF.BF.A.2

If you wanted to amount of interest an account has earned after being compounded annually. What would you have to do after you found "A" using the formula A=P(1+r)^t ?

• Add A (total amount) plus P (original amount)

• Subtract A (total amount from P (original amount)

• Add P (original amount) plus A (total amount)

• Subtract P (original amount) from A (total amount)

You borrowed $1,690 for 5.5 years simple interest of 5.7% annually.  How much extra (interest) did you pay by taking out the loan?

• $602.45
• $529.82

• $1,87.55
• $3,982.45

Tags

CCSS.HSF.BF.A.2

Chris borrows $450 from Kevin.

Kevin lets Chris choose either a simple interest loan for 10 years with a 3.5% interest rate

OR

a loan compounded annually for 7 years with a 2% interest rate.

Which should Chris choose if he wants the cheaper plan?

• The simple interest plan

• The compound interest plan

Tags

CCSS.HSF.BF.A.2

Carly

deposited $800 in an account that earns 6% compounded annually. Lara deposited

$800 in an account that earns 6% simple interest. How much will each girl have

in their account at the end of 10 years if they make no withdrawals or deposits?

• Carly: $1432.68 Lara: $1280

• Carly: $1444.89 Lara: $1280

• Carly: $1444.89 Lara: $1320

• Carly: $1432.68 Lara: $1320