Calculating for Interest

When using the the simple interest or compound interest formula, time should be in _____.

• weeks

• months

• years

• decades

Mrs. Baxter deposits $2,000 in an account that earns 5% simple interest. How much is Mrs. Baxter's investment worth after 8 years?

Which formula will you use to solve this problem?

Mrs. Baxter deposits $2,000 in an account that earns 5% simple interest. How much is Mrs. Baxter's investment worth after 8 years?

• 2,000

• 0.05

• 8

Mrs. Baxter deposits $2,000 in an account that earns 5% simple interest. How much is Mrs. Baxter's investment worth after 8 years?

Answer: $____

Mathematical Equivalence

ON

Joey made a deposit into an account that earns 6% simple interest. After 3 years, Joey had earned $400. How much was Joey's initial deposit? Which formula will you use to solve this problem?

Joey made a deposit into an account that earns 6% simple interest. After 3 years, Joey had earned $400. How much was Joey's initial deposit?

Answer: $____

Mathematical Equivalence

ON

Coach Cliffman made a deposit of $1,800 into an account that earns 2% annual compound interest. Find the account balance and the amount of interest that Coach Cliffman earned after 3 years?

Which formula should be used to solve this problem?

Coach Cliffman made a deposit of $1,800 into an account that earns 2% annual compound interest. Find the account balance after 3 years?

Answer: $____

Mathematical Equivalence

ON

Coach Cliffman made a deposit of $1,800 into an account that earns 2% annual compound interest. Find the amount of interest that Coach Cliffman earned after 3 years?

Answer: $____

Mathematical Equivalence

ON

Peter is calculating the interest earned on a deposit of $275 in an account that earns 8% simple interest for 12 years. How much interest will Peter earn after 12 years?

Answer: $____

Mathematical Equivalence

ON