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Worksheets1324 Interest problems (First & Last Name for Credit)
Total questions: 15
Worksheet time: 30mins
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?
Shelly will have $131.24 more in her account
than Anne has in her account.
They will have the same
amount in their accounts.
Shelly will have $11.24 more
in her account than Anne has in her account.
Anne will have $11.24 more in
her account than Shelly has in her account.
Avery deposits $8000 in a one year CD at 3.2% interest, compounded daily. What is Avery's ending balance? Round to the nearest cent and do not include the dollar sign.
(a)
Avery deposits $8000 in a one year CD at 3.2% interest, compounded daily. How much interest did Avery earn? Round to the nearest cent and do not include the dollar sign.
(a)
Emma deposits $1200 into an account that pays 3% interest, compounded monthly. What is her ending balance after two years? Round to the nearest cent and do not include the dollar sign.
(a)
Emma deposits $1200 into an account that pays 3% interest, compounded monthly. How much interest did she earn? Round to the nearest cent and do not include the dollar sign.
(a)
Jo’s computer loan statement said that they would pay $1,244.34 in simple interest for a 3-year loan at an interest rate of 12.4%. How much did Jo borrow to buy the computer?
Round to the nearest dollar and do not include dollar sign.
(a)
Carl placed $2,500 in a savings account that compounds interest annually at a rate of 1.0%. How much will he have in the account after 7 years? Round your answer to the nearest dollar.
Do NOT round until you have calculated the final answer.
Do not use dollar sign, $ in answer.
(a)
Kenneth loaned $1,200 to a friend to buy a computer. Two years later, they paid Kenneth back the $1,200 along with an interest of $96. If the interest that was collected was simple interest, what was the annual interest rate? Round your answer to the nearest whole number.
Do not use percent sign in answer, %.
(a)
Mika placed $4200 in a savings account which compounds interest continuously at a rate of 2.3%.
How much will she have in the account after 3 years? Round your answer to the nearest dollar.
Do NOT round until you have calculated the final answer.
Do not use dollar sign in answer, $.
(a)
Annie is opening a savings account that earns 5.2% interest, compounded continuously.
How much will she need to deposit in the account so that she has $2300 after 7 years? Round your answer to the nearest dollar.
Do NOT round until you have calculated the final answer.
Do not use dollar sign, $ in answer.
(a)
Jeremy invests $8,500 into an account with a 2.4% interest rate that is compounded quarterly. How much money will be in this account after 6 years?
Round your answer to the nearest cent.
Do NOT round until you have calculated the final answer.
Do not use dollar sign, $ in answer.
(a)
Ben makes a deposit of $1,200 into a savings account. The bank calculates simple interest at a rate of 6%. Interest is added every year on the anniversary of the initial deposit. How many full years must Ben wait before his investment is MORE than $1,500?
(a)
Jim takes his guitar to the pawn shop to get a simple interest loan and the pawn shop pays him $100. Two weeks later, Jim goes back to buy his guitar back and has to pay $200.
What simple interest rate did the pawn shop charge Jim to get his guitar back after the two weeks? Do not include the percent sign, % in your answer.
(a)
Leo buys a new car for $17,600. The simple interest rate is 8.4% and the amount of loan (plus simple interest) is repayable in 5 years. What is the total amount that must be repaid?
Round your answer to the nearest dollar and do not round until the final answer.
Do not include the dollar sign, $.
(a)
A friend asks to borrow $900 from you for three months and agrees to pay 5% simple interest. How much interest will you earn in total?Round your answer to the nearest cent.
Do not enter dollar sign, $.
(a)
