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WorksheetsSimple Interest / Compound Interest
Total questions: 15
Worksheet time: 57mins
You lend $240 to your friend. He pays you back $30 in interest in one year. What interest rate did you charge your friend?
88%
20%
12.5%
10%
Treasure won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much total will she earn in 10 years?
$4915.59
$3933.28
$2979.81
$4005.09
Maggie 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?
$15,415.94
$15,683.28
$15,927.56
$16,109.05
Principal: $5000
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.
$12712.31
$12,749.30
$12,657.59
$12550.84
The Arnold's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded monthly, how much total will they have paid after 30 years?
$706,761.89
Kevin took out a loan for $5,000 to buy a jet ski. He financed this loan with his bank. The loan has a simple interest rate of 4.35% and is for 6 years.
Move the correct answer to each box.
Kevin will pay a total amount of (a) on this loan. Of this, (b) will be in interest.
Mark borrowed $25,000 for a car loan. The simple interest rate is 5.5% and the loan will be paid off over a 5 year period. How much interest will Mark pay for the loan?
Which formula should I use? (a)
The question is asking me to find the (b)
a=p(1+r)^t
interest
the total amount in the account
i=prt
If you are given the time in weeks for a simple interest calculation, how can you convert it to years?
multiply the weeks by 52
divide the weeks by 52
add 52 to the weeks
subtract 52 from the weeks
Suppose you borrowed $3000 at a 9% interest rate for 4 years. If the loan involves compound interest, how much interest did you have to pay back?
Which formula should I use? (a)
The question is asking me to find the (b)
Allison put $1,322 into a savings account 3 years ago.
The account earned 4% interest compounded annually.
She made no additional deposits or withdrawals.
Based on this information, how much interest will Allison's account have earned at the end of these 3 years?
Michael took a loan of $800 from a credit union for 3 years and was charged simple interest. The total interest he paid on the loan was $120. What was the annual interest rate of his loan as a percentage?
Match the following
800
Principle (P)
3
time (t)
Unknown
rate (r)
120
Interest (I)
