Simple and Compound Interest

1. Sophia invests $12,350 in an account that earns 4.5% annual simple interest. Assuming she makes no additional deposits or withdrawals, how much interest will Sophia earn after 36 months?

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CCSS.7.RP.A.3

6. Julio invests $6,100 into an account that earns 5.2% annual compound interest. If Julio makes no additional deposits or withdrawals, which best represents the amount of interest Julio will earn after 8 years?

• A. $3,050.73
• B. $9,150.73
• C. $15,250.73
• D. $2,120.73

9. Camille invested $3,000 into an account that earns 4% annual compound interest. Assuming she made no additional deposits or withdrawals, which will be true of the account after 9 years?

• A. The account will earn $4,269.94 in interest.
• B. The account balance will be $7,269.94.
• C. Both A and B are true.
• D. Neither A nor B are true.

16. Faye has $5,000 that she is going to deposit into two accounts as shown below. Assuming that Faye does not make any additional deposits or withdrawals, find the combined amount of her two accounts after 15 years.

18. Jameson and Quincy each deposit $7,000 into accounts that earn 6% interest. Jameson’s account earns annual simple interest while Quincy’s account earns annual compound interest. Assuming neither one of them makes any deposits or withdrawals for 60 months, which of the following is a true statement?

• A. Jameson will have about $2,100 more in his account than Quincy.
• B. Jameson will have about $9,367.58 less in his account than Quincy.
• C. Jameson will have about $267.58 less in his account than Quincy.
• D. Jameson will have about $2,367.58 more in his account than Quincy.

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

• $800
• $1,000
• $1,200
• $1,500

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CCSS.7.RP.A.3

You invest $500 at 4% rate and receive $60 in simple interest. How many years was it invested for?

• 1 year

• 2 years

• 3 years

• 4 years

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CCSS.7.RP.A.3

Find the Interest.

Use I = Prt

I =$81 , P = $900 r = 3% t = 3 years

Balance = _ make sure you label

Alicia Martin’s savings account has a principal of $1,200. It earns 6% interest. How much simple interest will she earn after 9 months?

• $36.00

• $1,254.8

• $1,236.27

• $54.00

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CCSS.7.RP.A.3

How long does Maya need to invest $4000 at 5% p.a. simple interest in order to produce $100 interest?

• 2 months

• 5 years

• 6 months

• 2 years

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CCSS.7.RP.A.3