WorksheetsCompound Interest
Total questions: 8
Worksheet time: 27mins
Which formula(s) should you use for compound interest?
select ALL that apply.
A=P(1+r)t
P+I=A
A=P(1+r)t
Ms. Pierson is working out a compound interest problem. This is what she plugged into her calculator:
500(1+1003)7
Did she do that correctly?
Yes, everything looks good!
No, she made a mistake :(
Your 3 year investment of $20,000 received 5.2% interest compounded annually. What will your total balance be at the end?
$23,285.05
$3,285.05
$2,385
$32,285
The Arnold's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually, how much interest will they have paid over the course of 30 years?
$494,546.99
$529.305.61
$689,546.99
$640,891.53
You borrowed $1,690 for 5.5 years at an interest of 5.7% compounded annually. How much extra did you pay by taking out the loan?
$602.45
$2,292.45
$1,87.55
$3,982.45
Your $440 gets 5.8% interest compounded annually for 8 years. What will your total balance be in 8 years?
Don't forget to round your answer to 2 decimal places.
(a)
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.
How much interest will he end up earning over the course of 15 years?
Don't forget to round your answer to 2 decimal places.
(a)
