TEKS.MATH.8.12D

Erik took out a loan for $8400 for 6 years at a compound interest rate of 5.5%. How much interest does Erik owe from the loan?

• $2,772
• $11,582.28
• $3,182.28
• $108,084.86

Tags

TEKS.MATH.8.12A

TEKS.MATH.8.12D

Erik took out a loan for $8400 for 6 years at a compound interest rate of 5.5%. How much interest does Erik owe from the loan?

• $2,772
• $11,582.28
• $3,182.28
• $108,084.86

Tags

TEKS.MATH.8.12A

TEKS.MATH.8.12D

Chris borrows $450 from Gavin. Gavin 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? Use I=P*r*t for simple interest (make sure to add I plus P at the end) and A=P*(1+r)^t for compound interest.

• The simple interest plan

• The compound interest plan

Tags

TEKS.MATH.8.12A

TEKS.MATH.8.12D

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?

(Do not type the dollar sign; just the number)

Tags

TEKS.MATH.8.12D

An inventor puts $2,500 into a life insurance policy that pays 8.5% simple annual interest. 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

Tags

TEKS.MATH.8.12D

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

TEKS.MATH.8.12D

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.

- The annual interest rate is 7.5%.

What will be the account balance at the end of 4 years?

• $20,000

• $6,500

• $150,000

• $6,677.35

Tags

TEKS.MATH.8.12D

Nicolas has $650 to deposit into two different savings accounts.
- Nicolas will deposit $400 into Account I, which earns 3.5% annual simple interest.
- Nicolas will deposit $250 into Account II, which earns  $3\ \frac{1}{4}\%$  interest compounded annually.

Nicolas will not make any additional deposits or withdrawals. Which amount is closest to the TOTAL BALANCE of these two accounts at the end of 2 years?

• $672.13

• $695.00

• $694.25

• $694.51

Tags

TEKS.MATH.8.12D

David invests $10,000 in a savings account that pays 3.5% simple interest. If David makes no withdrawals or deposits to the account, how much will be in the account after 7 years?

• $2,450

• $11,750

• $12,450

• $24,500

Tags

TEKS.MATH.8.12D

what does the P stand for when finding interest?

• money

• percent

• years

• profit

Tags

TEKS.MATH.8.12D