Identifying Interest Formulas

Identify the correct formula for:

           Mai put $3750 in the bank at 3.87% interest compounded annually.  How much was in her account after 7 years?

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1

CCSS.HSA.CED.A.4

CCSS.HSF.LE.A.2

Identify the correct formula for:

           What is the future value of an account after 20 years with a 6% interest yield if Mr. Krabs puts in $100 every month and the interest is compounded monthly?  What is the value after 30 years?

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSA.SSE.B.4

Identify the correct formula for:

           Mr. Hess is saving for retirement.  He puts $100 every week in an account that earns 8.25% interest. What is the value of his retirement fund in 40 years?

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.B.4

Identify the correct formula for:

           Mr. Krabs put $500 into an account when Pearl was born so that she could buy a boat when she turns 16. The account pays 6.35% interest, compounded quarterly. How much money will Pearl have when she turns 16

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1

CCSS.HSA.CED.A.4

CCSS.HSF.LE.A.2

Identify the correct formula for:

          Mr. Hess wants to have $45,000 for a pool in 8 years. How much money should he invest if the bank pays 5.1% interest, compounded quarterly?

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1

CCSS.HSA.CED.A.4

Identify the correct formula for:

         Mrs. Puff needs $15,000 to pay off a loan at the end of 8 years. How much must she deposit every month into a savings account that yields 4.45% interest, compounded monthly?

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.LE.A.1

CCSS.HSA.CED.A.4

CCSS.HSA.SSE.B.4

Identify the correct formula for:

         Javier’s parents set an amount of money aside when he was born.  They earned 5.25% simple interest on that money each year.  When Javier was 15, the account had a total of $1181.25 interest paid on it.  How much did Javier’s parents set aside when he was born?

Tags

CCSS.6.EE.B.7

Identify the correct formula:

Mr. Krabs deposits $8,000 into a 4-year CD at an interest rate of 5.3%, compounded weekly. What is the annual percentage yield? Round to the nearest hundredth of a percent

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.LE.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.2

Identify the correct formula:

. Find the interest earned on a $44,000 deposit for 60 months at 4.7% interest, compounded continuously

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.B.5

Identify the correct formula:

Eric deposits $11,000 into an account that earns 5% compounded monthly. How much is in the account after 7 years?

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.B.5

CCSS.HSF.BF.A.1