WorksheetsWeek 26 - Compound Interest
Total questions: 21
Worksheet time: 28mins
Ricky 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 3 years?
$531.23
$639.45
$511.79
$831.10
Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded annually, what will be the balance after 4 years?
$1,273.50
$2,385.72
$2,059.70
$1,757.71
Reuben took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded monthly, how much total will he have paid after 3 years?
$33,299.42
$33,672.68
$28,431.23
$29,909.65
Minette 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 3 years?
$9,715.70
$10,683.28
$8,872.79
$11,927.01
The Henley'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 after 15 years?
$412,749.79
$271,259.24
$329,305.61
$366,690.15
Sonny won $3,000 from a radio contest. If he puts this money in a bank account that earns 2.9% interest compounded annually, how much interest will he earn in 5 years?
$3,460.97
$3,979.81
$1,005.09
$4,933.28
David invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded annually, how much will David have in 8 years?
$1,584.62
$1,651.39
$1,893.45
$1,686.33
Town Bank offers a 2.25% interest rate, while Charter One offers 2.8%. Both banks compound interest annually. If Gabriel wants to set up a new account with $5,000, how much more money will he earn at Charter One over Town Bank after 3 years?
$58,000
$55.56
$86.72
$59,000
Eight years ago, Maria put $1,800 in an account that pays an interest rate of 2.5% compounded annually. She now plans to take the money in that account and invest it in another account that earns 4% interest compounded monthly. How much money will be in this new account after 6 years?
$1,845.67
$2,193.13
$2,775.01
$5,970.53
Jesus is buying a new Jet Ski for $12,500. He is considering two credit options. Option A offers a 4 year loan with 8.5% interest compounded annually, while Option B offers a 3 year loan with 10% interest compounded annually. Which is the better option and how much will he save?
$454.65
$685.73
$16637.50
$1500.52
In the compound interest formula A=P(1+r)t what does the A stand for?
The amount of interest
The interest rate
The total amount
The time
In the compound interest formula A=P(1+r)t what does the P stand for?
The time
The principal amount (original amount)
The total amount
The interest rate
Nick borrows $500 from Willie and agrees to have the loan compounded annually for 2 years with an interest rate of 2.5%. How much will the total amount be that Nick owes?
$525.31
$425
$625.50
$535
Jimmy has $1500 in a retirement account earning 5% interest compounded annually. After 5 years how much does Jimmy have in the account?
$1750
$2500
$2010.14
$1914.42
Angel deposits $750 into a college savings account that is compounded annually when his parents received as a stimulus package. If Angel lets the money sit in the account without adding or removing any and receives a 8.5% interest rate, how much money will he have total after 5 years?
$1127.74
$2345.67
$1535.24
$850.76
Alice invested $1000 for college in an account earning 5% compounded annually. When she checked the account after 4 years, how much money did she find in the account?
Too much
$1215.51
$563.24
$3200.12
Carlos wants to have $4000 saved up in 3 years for a car. If he invests $1500 in a savings account that is compounded annually at an interest rate of 12%, will he have enough money at the end of the 4 years?
Yes
No
Jeremy invests $360 in a bank account that is compounded annually for 8 years with an interest rate of 5.5%. What will be the total amount in the account after the 8 years is over?
$625.88
$315.45
$950.12
$552.49
Brianna has $3000 invested at a 2% interest rate. Which expression can be used to determine how much money Brianna had after 16 years?
A=3000(1+.02)^16
A=16(1+.2)^3000
A=3000(1−.02)^16
A=3000(.2)^16
How are Ms Padilla and Mr Dawson doing in your class?
Good
Terrible
Can do a little better
Great!
What is the O in S.O.A.R?
Outside
Opportunity
O' so good!
Outstanding
