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Simple and Compound Interest

Total questions: 20

Worksheet time: 2hrs 12mins

Name
Class
Date
1.
Your 3 year investment of $20,000 received 5.2% interest compounded annually.  What is your total return?
a)
$23,285.05
b)
$3,285.05
c)
$2,385
d)
$32,285
2.
You borrowed $59,000 for 2 years at 11% which was compounded annually.  What total will you pay back?
a)
$13,693.90
b)
$1,363.90
c)
$72,693.90
d)
$73,793.90
3.
Your 6 year investment of $40,000 at 14% interest compounded annually is worth how much now?
a)
$47,798.90
b)
$87,798.90
c)
$127,798
d)
$7,798
4.
Semi-Annually means how many times a year?
a)
4 
b)
2
c)
1
d)
6
5.
Change 6.75% to a decimal.
a)
67.5
b)
.675
c)
675
d)
.0675
6.
Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Riley earn in 15 years?
a)
$1,584.62
b)
$2,651.39
c)
$2,706.86
d)
$1,825.10
7.
Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years.
a)
$15,415.94
b)
$15,683.28
c)
$15,927.56
d)
$16,109.05
8.
Principal: $5000
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.
a)
$12712.31
b)
$12,749.30
c)
$12,657.59
d)
$12550.84
9.

Emily's parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semi-annually, what will be the balance after 3 years?

a)

$2,273.50

b)

$1,514.08

c)

$2,040.23

d)

$1,911.70

10.

What does the n stand for in this formula?

a)

Initial amount

b)

Final amount

c)

Rate

d)

Time

e)

The number of times compounded per year

11.

What does the r stand for in this formula?

a)

Initial amount

b)

Final amount

c)

Rate

d)

Time

e)

The number of times compounded per year

12.

What does the P stand for in this formula?

a)

Initial amount

b)

Final amount

c)

Rate

d)

Time

e)

The number of times compounded per year

13.

David

invests $10,000 in a savings account that pays 3.5% simple interest. If David

makes no withdrawals or deposits to the account, how much will be in the

account after 7 years.

a)

$2,450

b)

$11,750

c)

$12,450

d)

Not here

14.

Gilberto

invests $10,000 in a savings account that pays 4.75% simple interest. If Gilberto makes no withdrawals or deposits

to the account, how much will be in the account after 7 years?

a)

$3,325

b)

$13,325

c)

$13,838.16

d)

$13,000

15.

Travis

invests $25,000 in a savings account that pays 2.75% simple interest. How much interest does he earn each year?

a)

$787.50

b)

$625

c)

$657.50

d)

$687.50

16.

Audrey deposited $2,800 in a

savings account that pays 2.65% interest compounded annually. What is the total

value of the account after 7 years?

a)

$562.57

b)

$3362.57

c)

$14,514.15

d)

$2,569,680

17.
A bank is offering 2.5% simple interest on a savings account.  If you deposit $5,000, how much interest will you earn in three years?
a)
$5375
b)
$375
c)
$37500
d)
$42500
18.
Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?
a)
150
b)
192
c)
1350
d)
1392
19.

Anne deposited $500 in an

account that earns 6% simple annual interest.

Shelly deposited $500 in an account that earns 6% annual interest

compounded annually. They leave the

money in the account for 4 years. Which

statement is true about the two investments after 4 years?

a)

Shelly will have $131.24 more in her account

than Anne has in her account.

b)

They will have the same

amount in their accounts.

c)

Shelly will have $11.24 more

in her account than Anne has in her account.

d)

Anne will have $11.24 more in

her account than Shelly has in her account.

20.

Carly

deposited $800 in an account that earns 6% compounded annually. Lara deposited

$800 in an account that earns 6% simple interest. How much will each girl have

in their account at the end of 10 years if they make no withdrawals or deposits?

a)

Carly: $1432.68 Lara: $1280

b)

Carly: $1444.89 Lara: $1280

c)

Carly: $1444.89 Lara: $1320

d)

Carly: $1432.68 Lara: $1320

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