Interest Word Problems

Jay'den 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

Courtney saved up $2,200 working as a waitress over the summer. She put this money into a bank account that earned 5.2% interest and is compounded daily. How much will she have in her account at the end of 4 years?

• $2201.25

• $2694.55

• $2707.45

• $2708.63

Given an investment of $1,500:
Which investment would have a larger balance after 5 years?
4% compounded monthly
3.9% compounded daily.

• 4% compounded monthly

• 3.9% compounded daily

Charlie wanted to buy a blue F150 that costs $28,000. He went to the bank and took out a loan for 8% interest for 3 years. How much interest will he pay on this loan?

• $6,720

• $780

• $2800

• $500

Bob went to buy a used motorcycle for $5,750. The bank gave him a loan for 2.7% interest for 4 years. How much will he pay in interest for this loan?

• $1261

• $350

• $621

• $6,371

Which formula do you use for simple interest questions?

• V = L x W x H

• I = prt

• y = mx + b

• y = kx

ChinLee bought a jet ski for $4,900 with a loan from his bank for 9% interest. He has to pay it back in 7 years. How much interest will he pay? How much is the total cost jet ski cost?

• $3087 Interest

  $7987 Total

• $200 Interest

  $5100 Total

• $2050 Interest

  $6950 Total

• $6984 Interest

  $0

Mario bought a new Dodge Charger for $18,400. He took out a loan for 6 years for 12% interest. How much interest will Mario pay for this loan?

• $11,000

• $813

• $13

• $13,248

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 years?

• $827.52                     (Mr. Williams)       

• $831.10                 (Mrs. Hoch)

• $839.45                    (Mr. Krajunus)

• $846.80                   (Ms. Palombo)

Find the total amount in the account to the nearest cent if the interest is compounded annually. 
$2750 at 8% for 2 years

• $2200.00

• $3207.60

• $8910.00

• $2750