Interest

John loaned/borrowed money from the bank worth R20 000 with a 10% interest rate. He will pay it over 2 years. How much is the interest?

REMINDERS:

1) Type your answers only.

2) Remember your units of measurement.

Luke invested his money in the stock market worth R500,000 that earns about 5% yearly. (Simple Interest.) How much money will he have saved at the end of the 10 years?

REMINDERS:

1) Type your answers only.

2) Remember your unit of measurement.

Principal= R100,000

Rate of Interest=5%

Time=7 years

*Solve for the SIMPLE INTEREST.

REMINDERS:

1) Type your answers only.

2) No labels needed.

What does the r stand for in the simple interest equation?

• Years

• Random (decimals)

• Rands

• Rate (% as decimal)

Lisa earned $20 in interest after leaving her money in the bank for 1 year at a 5% interest rate. How much did Lisa deposit?

• $200

• $300

• $500

• $400

A pair of boots are $94.99.  They are 25% off. With this discount, what is the sale price? Round to nearest cent if necessary.

• $71.24
• $118.74
• 23.7475
• $23.75

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

The compound interest formula is:
A = P(1 + r)ⁿ

What does the A represent?

• The amount of interest earned.
• The amount of time that has passed.
• The total amount of money after a certain amount of time.
• The amount required to invest.

Find the compound interest:
Principal: $1735
Interest Rate: 0.8%
Time: 1 year

• $1,388
• $138.80
• $13.88
• None of the answers are correct.

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

Smithville Bank is offering each of it's customers a record 3.4% interest on new savings account. If Mr. Thomas opens an account with $1,500, how much interest will he earn in 3 years?

• $15,300
• $1,530
• $153
• The answer is not shown

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

Monthly means how many times a year?

• 4 
• 12
• 52
• 365