Algebra U2 L7 Simple and Compound Interest

Calculate the simple interest on a loan of $2,000 at an annual interest rate of 4% for 3 years.

• $240

• $200

• $180

• $160

Calculate the amount accumulated after 4 years on an investment of $2,000 at an annual interest rate of 6%, compounded quarterly.

• $2,524.86

• $2,500.00

• $2,400.00

• $2,600.00

You invest $3,000 at an annual interest rate of 4%, compounded monthly. How much will the investment be worth after 5 years?

• $3,600.00

• $3,732.05

• $3,500.00

• $3,800.00

Find the compound interest earned on a principal of $1,500 at an interest rate of 7%, compounded annually for 3 years.

• $343.50

• $315.00

• $337.50

• $350.00

Calculate the future value of $2,500 invested for 3 years at an interest rate of 5%, compounded semiannually.

• $2,895.63

• $2,800.00

• $2,750.00

• $2,900.00

Find the prime factorization of 98.

A principal of $4,000 is invested in an account with a 5% annual interest rate, compounded annually. How long will it take for the investment to double?

• 14.2 years

• 10 years

• 15 years

• 20 years

If the population of a city is 1.5 million and it grows by 2.5% annually, what will the population be in 5 years?

• 1.7 million

• 1.8 million

• 1.9 million

• 2.0 million

A house’s value increases by 3% each year. If the current value is $250,000, what will be its value after 10 years?

• $335,000

• $340,000

• $335,979

• $345,000