8.12D Practice

A student's parents invested $5,000 in a college savings account that pays 4.85% annual simple interest. No additional deposits or withdrawals will be made.

Which amount is closest to the interest earned on the account at the end of 15 years?

• $5,174.11

• $10,174.11

• $3,637.50

• $8,637.50

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8.12.D

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 Mr. Jenkins's account at the end of 4 years?

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8.12.D

An employee put $5,000.00 in a retirement account that offers 9% interest compounded annually. The employee makes no additional deposits or withdrawals. Which amount is closest to the interest the employee will have earned at the end of 5 years?

• $229.09

• $450.00

• $2,250.00

• $2,693.12

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8.12.D

Mr. Wilkins deposited $2,500.00 into 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

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8.12.D

An investor puts $2,500 into a life insurance policy that pays 8.5% simple annual interst. If no additional investment is made into the policy, how much accumulated interest should the investor expect at the end of 10 years?

• $21,250.00

• $2,125.00

• $212.50

• $21.25

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8.12.D

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 year?

• $827.52
• $831.10
• $839.45
• $846.80

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8.12.D

What would be the total amount of your student loan, if you had to pay back a loan of $10,550, at a simple interest rate of 3% over the course of 10 years ?

• $13,715

• $3165

• $31,650

• $10,550

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8.12.D

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

• $827.52

• $831.10

• $839.45

• $846.80

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8.12.D

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

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8.12.D

Mark took out a loan for $25,690 to purchase a new truck at a simple interest rate of 5.2%. How much interest will he pay on his truck after 5 years?

• $6,679.40

• $32,369.40

• $66,794

• $679.40

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8.12.D