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Tutoring - Compound and Simple Interest

Total questions: 75

Worksheet time: 18hrs 33mins

Name
Class
Date
1.

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

2.

What does P represent in the equation A=P(1+r)^t

a)

rate

b)

principal

c)

time

d)

amount

3.

What does r represent in the equation A=P(1+r)^t

a)

rate

b)

principal

c)

time

d)

amount

4.

Caiden deposited $475 in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?

a)

$827.52

b)

$831.10

c)

$839.45

d)

$846.80

5.

You borrowed $59,000 for 2 years at 11% which was compounded annually. What is the total?

a)

$13,693.90

b)

$1,363.90

c)

$72,693.90

d)

$73,793.90

6.

the time has to be in _____________

a)

years

b)

months

c)

days

d)

seconds

7.
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
8.
Your allowance of $190 earned an interest of 11% compounded annually for 1 2/3 years.  How much interest did you earn on your allowance?
a)
$343.90
b)
$153.90
c)
$226.10
d)
$36.10
9.
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
10.
You borrowed $1,690 for 5 1/2 years at an interest of 5.7% compounded annually.  How much extra did you pay by taking out the loan?
a)
$602.45
b)
$2,292.45
c)
$1,87.55
d)
$3,982.45
11.

Your $440 gets 5.8% interest compounded annually for 8 years. What will your $440 be worth in 96 months?

a)

$250.78

b)

$690.78

c)

$1,130

d)

$940.78

12.
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
13.
Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?
a)
$120
b)
$144
c)
$1,200
d)
$1,440
14.
Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?
a)
6%
b)
6%
c)
8%
d)
9%
15.

What is the simple interest on a housing loan of $350,000, over 30 years with a rate of 4.5%?

a)

$350,00

b)

$47,250

c)

$350,000

d)

$472,500

16.

What would be the total amount of your student loan, if you had to pay back a loan of $10,550, at a rate of 3% over the course of 10 years ?

a)

$13,715

b)

$3165

c)

$31,650

d)

$10,550

17.

You take out a car loan. How much will you pay in total for the car, if your loan is for $8000, at a rate of 5% interest, over 3 years?

a)

$1,200

b)

$120

c)

$920

d)

$9,200

18.

If it costs Ben $20,900 per year to attend college, how much will it cost for 4 years?

a)

$90,920

b)

$84,900

c)

$83,600

d)

$87,380

19.

Moe and Ray need to take a loan out for $2,500 to repair their van. They can borrow from Bank A at a simple interest rate of 5.25% for 2 years or from Bank B at a simple interest rate of 6.5% for 1.5 years. Which bank is the better deal and how much money will they save?

a)

Bank A is the better deal. They will save $18.75

b)

Bank A is the better deal. They will save $187.50

c)

Bank B is the better deal. They will save $18.75

d)

Bank B is the better deal. They will save $187.50

20.

Mark is comparing loan options to buy a new car. He will be borrowing $20,000. Which loan will cost him the least amount of money?

a)

4.5% simple interest for 4 years.

b)

4.75% simple interest for 3.5 years

c)

3.5% simple interest for 5 years

d)

4% simple interest for 4.5 years

21.

Find the amount due on a loan of $600 at 15.75% simple interest after 21 months.

a)

$765.38

b)

$165.38

c)

$985.13

d)

$675.52

22.

If you borrow $3000 at 14% simple interest for 10 months, how much will you owe in 10 months?

(a)  

23.

If you deposit $5000 into an account paying 8.25% simple interest, how many months until there is $9,350 in the account? ROUND TO THE NEAREST WHOLE NUMBER.

(a)  

24.

Sarah made a deposit into an account that earns 7.6% annual compound interest. If after 5 years the value of the account was $26,394, what was the initial deposit into the account?

ROUND TO THE NEAREST WHOLE NUMBER.

(a)  

25.

Over the term of a car loan, Russell paid a total of $8,190 in interest. If the loan was for 60 months and the bank charges 6.8% simple interest what was the purchase price for the car?

a)

$2,007

b)

$14,369

c)

$24,088

d)

$74,119

26.

John invested $6,000 into an account that pays 8% annual compound interest. What will the balance of his account be after 6 years?

a)

9,521.25

b)

10,851.26

c)

3,521.25

d)

2,986.24

27.

Samantha made an initial investment of $16,500 into her retirement account. It will pay 12.5% interest compounded annually. What will her balance be after twenty years?

a)

173,994.05

b)

186,789.26

c)

157,494.05

d)

152,383.26

28.

Julia 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?

a)

Not enough

b)

$563.24

c)

$1215.51

d)

$3200.12

29.
The Arnold's took out a loan for $195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?
a)
$412,749.79
b)
$529.305.61
c)
$689,546.99
d)
$640,891.53
30.

You invested $52,400 at 6% compounded annually for 5 years. What is your total return on this investment?

(a)  

31.
Before the simple interest formula can be used, what form does the rate need to be in?
a)
decimal
b)
years
c)
percent
d)
months
32.

After exemptions, a person's annual gross pay is $54,800. If the state income tax rate is 5%, what is the annual deduction for state income tax?

a)

$5

b)

$105.38

c)

$2,740

d)

$5,480

33.

A person's weekly gross pay is $1,500. The deductions are: Federal income tax is $120, State Income Tax is $60.25, Social Security tax is $93, Medicare is $21.75, and Health Insurance is $55. What is the person's net pay?

a)

$1,350

b)

$1,295

c)

$1,195

d)

$1,150

34.

Mr. Barrett bought a new battery for his car. The battery cost $72. Since batteries are a taxable item, he had to pay a sales tax of 7.5%. What was the total cost of the battery in dollars and cents?

a)

$79.50

b)

$5.40

c)

$77.40

d)

$66.60

35.

Mr. Lucas bought a new lounge chair for his game room. The one he chose was $425. He had to pay a sales tax of 8.2%. What was the amount of sales tax he paid on the chair?

a)

$24.90

b)

$44.30

c)

$34.85

d)

Not Here

36.
You are purchasing a T.V for $990 T.V with 9% sales tax. What is the final price of the T.V.?
a)
$ 1881.00
b)
$ 1079.00
c)
$ 1,079.10
d)
$ 1,709.1
37.
Mrs. Adele is buying a new tie from Macy's. It says the tie costs $15.00 but there is a sign above it that says 25% off. How much will the tie cost before taxes?
a)
$3.75
b)
$18.75
c)
$15.25
d)
$11.25
38.
You want to buy some groceries.  There is a coupon that offers a 15% discount on your total bill.  Your bill comes to $76.  How much will you pay for your groceries?
a)
$11.40
b)
$0.15
c)
$64.60
d)
$77.40
39.
Discount is ____________ from the price.
a)
added
b)
divided
c)
subtracted
d)
Ms. Golino is awesome
40.
Alicia went to the local farmer's market to buy some fresh produce. She bought carrots for 35% off the original price of $7.40. How much did Alicia pay for the carrots?
a)
4.81
b)
2.59
c)
9.99
d)
3.50
41.
 A store pays $1.50 for a bag of candy.  If the store wants to mark-up the price 60%, for how much will the store sell the bag of candy?

a)
$0.60
b)
$2.40
c)
$0.90
d)
$6.00
42.

A store pays $32.00 for each video game. The store’s percent of mark up is 75%. Which shows the retail price of the video game?

a)

$60.00

b)

$56.00

c)

$24.00

d)

$8.00

43.
You have dinner at a restaurant and the cost of your meals is $28.00. Because of the mess you made, you want to leave a 20% tip. What is your total bill including tip?
a)
33.60
b)
40.00
c)
24.60
d)
30.50
44.
A grocery store has a 20% markup on bottle of soda.  The bottle of soda costs the store $1.25. Find the selling price. Round to nearest cent if necessary.
a)
$1.5
b)
$1.50
c)
$0.25
d)
$1.00
45.
Sales tax is __________ to the price
a)
subtracted
b)
added
c)
multiplied
d)
divided
46.
You are purchasing a T.V for $990 T.V with 9% sales tax. What is the final price of the T.V.?
a)
$ 1881.00
b)
$ 1079.00
c)
$ 1,079.10
d)
$ 1,709.1
47.
Sam bought an $85.00 jacket for 40% off of the regular price.  How much did he pay for the jacket? 
a)
75
b)
51
c)
36
d)
34
48.
How much would the tip be if you left 18% on a $75.45 steak dinner?
a)
$ 13.58
b)
$ 89.03
c)
$ 61.87
d)
$135.80
49.

A store had 2 blue chairs for $22.78 or 6 red chairs for $67.80. Which color chair has the lower unit price?

a)

2 blue chairs for $22.78

b)

6 red chairs for $67.80

50.

At a candy store you get 7 lollipops for $16.10. How much would it cost to buy 6 lollipops?

(a)  

51.

A video game store was selling games 5 for $102.05. What would be the cost for 3 games?

a)

$20.41

b)

$61.23

c)

$35.00

d)

$15.00

52.

A store sold 4 packs of paper for $7.44. How much would it cost if you bought 5 packs?

a)

$5.95

b)

$1.49

c)

$1.86

d)

$9.30

53.

At the market, you can buy 6 bags of apples for $31.02. At the orchard, you can buy 5 bags for $25.40. Which is the better deal?

a)

6 bags of apples for $31.02 (market)

b)

5 bags pf apples for $25.40 (orchard)

54.

On Monday, the price for bottled water was 5 bottles for $12.20. On Saturday the price was 3 bottles for $7.65. Which day had the higher unit price?

a)

5 bottles for $12.20

b)

3 bottles for $7.65

55.

In September, a clothing store had a sale where you could get 5 scarves for $28.35. In October, the price was changed to 7 scarves for $40.39. In which month did a scarf cost the most?

a)

September

b)

October

56.

At the toy store, you could get 2 board games for $8.36. Online, the price for 3 board games is $12.84. Which place has the highest price for a board game?

a)

Toy Store

b)

Online

57.

The book fair had a sale where 6 books were $20.46. How much money would you need to buy 7 books?

(a)  

58.

At the market you can buy 5 bags of apples for $23.60. At the orchard you can get 7 bags of apples for $32.76. Which is the better deal?

a)

Market

b)

Orchard

59.

A book store was selling 5 books for $26.35. Online, you could buy 2 books for $10.58. Which store has a lower unit price?

a)

Bookstore

b)

Online

60.

The sales tax rate in Texas is 8%. If Mr. Jacobs buys an American Girl doll for his daughter with a price tag of $150, what is the total amount he will pay for the doll?

(a)  

61.

Mrs. Wilcox paid $28.00 for new beakers and clamps for $10.00. The sales tax rate is 6%. How much will Mrs. Wilcox pay in sales tax?

(a)  

62.

Leo wants to buy some shoes. He found the shoes at three different stores for a price of $35. The stores are each having a sale.


Store X is offering 15% off the price of the shoes.

Store Y is offering $5 off the price of the shoes.

Store Z is offering 1/5 discount off the price of the shoes.


Which statement about the sale price of these shoes is true?

a)

Store X has the best sale price of $20

b)

Store Z has the best sale price of $28.

c)

Store Y has the best sale price of $30.

d)

Store Z has the best sale price of $7.

63.

Chelsie is shopping for meat at the supermarket. Which is the best buy?

a)

1 pound for $3.66.

b)

2 pounds for $7.04

c)

4 pounds for $13.76

d)

5 pounds for $17.50

64.

After deductions, Edward has a taxable income of $26,289. He paid a total of $4,035 in federal withholding. Use the tax table to find the amount of money Luis will receive as a refund.

(a)  

65.

The Samson family has a monthly income of $4,500.

How much does the Samson family spend on food each month?

(a)  

66.
AT&T charges $76.00 for 500 minutes or Sprint charges $54.00 for 450 minutes. Which is a better deal
a)
Sprint
b)
AT&T
67.

At the toy store, you could get 2 board games for $8.36. Online, the price for 3 board games is $12.84. Which place has the highest price for a board game?

a)

Toy Store

b)

Online

68.

In September, a clothing store had a sale where you could get 5 scarves for $28.35. In October, the price was changed to 7 scarves for $40.39. In which month did a scarf cost the most?

a)

September

b)

October

69.

You buy a Playstation on sale for $245. That means the original price of the Playstation, before the discount, is ________________.

a)

More Expensive

b)

Cheaper

c)

The Same

70.

Your total, after tax, on a Burger King order is $8.79. That means the original price, before tax, is _______________.

a)

More Expensive

b)

Cheaper

c)

The Same

71.
Ms. Cardenas is decorating her new apartment. She found a table at Pier One for $426. If the table is 25% off, what is her discount?
a)
$106.50
b)
$106.05
c)
$319.50
d)
$319.95
72.

Sarah bought a new lip gloss. It cost $8.99 plus 5% tax. How much did she pay for the lip gloss?

a)

$00.45

b)

$9.44

c)

$5.56

d)

$8.54

73.

1. Thornton’s Department Store has a 30%-off sale this week. What is the sale price for a pair of $24.00 jeans?

a)

$31.20

b)

$7.20

c)

$16.80

d)

$80.00

74.

If you receive 25% off an item costing $22.00, how much money do you save?

a)

$ 27.50

b)

$ 4.25

c)

$16.50

d)

$5.50

75.

Sandra bought a new coat for $49.99 and 3 skirts for $24.99 each. If the sales tax rate is 7%, to the nearest cent what is the amount of sales tax Sandra will owe on the purchase?

a)

$151.90

b)

$11.36

c)

$7.52

d)

$8.75

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