Simple/Compound Interest Practice

If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?

• divide 12 by the months
• multiply 12 times the months
• divide the months by 12
• change the months to a decimal

Tags

CCSS.7.RP.A.3

The Arnold's took out a loan for $195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?

• $412,749.79
• $529.305.61
• $689,546.99
• $640,891.53

Tags

CCSS.HSF-LE.A.1C

You borrowed $1,690 for 5 1/2 years at an interest of 5.7% compounded annually.  How much extra did you pay by taking out the loan?

• $602.45
• $2,292.45
• $1,87.55
• $3,982.45

Your 6 year investment of $40,000 at 14% interest compounded annually is worth how much now?

• $47,798.90
• $87,798.90
• $127,798
• $7,798

Tags

CCSS.HSF.BF.A.2

Find the following Balance:
$600 invested at 6% compounded annually for 7 years.

• $2273.04
• $1080.57
• $1057.95
• $902.18

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

Find the balance in the account after the given period.

$3400 principal earning 3.6% compounded annually after 2 years

• $3,420.43

• $3,649.21

• $3,675.39

• $6,288.64

Find the balance in the account after the given period.

$12,000 principal earing 4.8% compounded annually after 7 years.

• $3,243.19

• $16,661.35

• $15,243.19

• $4,661.35

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

• $800
• $1,000
• $1,200
• $1,500

Tags

CCSS.HSF.BF.A.2

The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.

• the amount of money borrowed or deposited

• the percent interest for his year

• the amount taxed

• the amount the bank owes you for being a customer at their bank

Tags

CCSS.7.RP.A.3