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Simple/Compound Interest Review

Total questions: 70

Worksheet time: 3hrs 8mins

Name
Class
Date
1.

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays a simple interest rate of 3.8%. What will be the amount of interest earned after 15 years?

a)

$3182.50

b)

$270.75

c)

$2707.50

d)

$745.75

2.

Emily’s parents put $1500 in her bank account for college tuition at a simple interest rate of 8.25%. What will be the balance after 18 years?

a)

$22,275

b)

$2227.50

c)

$12,375

d)

$3727.50

3.

Mark took out a loan for $25,690 to purchase a new truck at a simple interest rate of 5.2%. How much interest will he pay on his truck after 5 years?

a)

$6,679.40

b)

$32,369.40

c)

$66,794

d)

$679.40

4.

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% simple interest. If she spent $7400 on furniture, how much will she have paid in total after 8 years?

a)

$5624

b)

$13,024

c)

$56,240

d)

$1302.40

5.

The Henley’s took out a new home loan for $195,000 at a simple interest rate of 4.3%. How much will they pay in interest after 30 years?

a)

$446,550

b)

$2515.50

c)

$25,155

d)

$251,550

6.

Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% simple interest, how much will she have in total in her account at the end of 10 years?

a)

$8700

b)

$38,700

c)

$870

d)

$3,870

7.

Riley invested $1,000 in a savings account. If the account earns 6.75% simple interest, what is the balance in her account after 15 years?

a)

$1,012.50

b)

$10,012.50

c)

$2,012.50

d)

$201.25

8.

Twelve years ago, Claire deposited $1,800 in a savings account. It pays 2.5% simple interest. How much in interest did Claire earn in the account?

a)

$2,340

b)

$23,400

c)

$540

d)

$54

9.

Shawn is buying a new jet ski for $12,500. His Credit Union offers 8.5% simple interest. How much interest will Shawn pay on his Jet Ski after 18 months?

a)

$1593.75

b)

$19,125

c)

$159,375

d)

$14,093.75

10.

Rob has $5,000. He deposits his money into a savings account at Town Bank which offers a 4.25% interest rate. If Rob does not make any deposits or withdrawals, how much simple interest will Rob's money earn after 6 months?

a)

$10,625

b)

$1275

c)

$106.25

d)

$127,500

11.
The simple interest formula is I=Prt.  What does the t represent?
a)
Principle
b)
Interest
c)
Time, in hours
d)
Time, in years
12.
What does the "I" in the interest formula stand for?
a)
Principal
b)
Interest
c)
Rate
d)
Time
13.
What does the "p" in the interest formula stand for?
a)
Principal
b)
Interest
c)
rate
d)
time
14.
What does the "r" in the interest formula stand for?
a)
Principal
b)
Interest
c)
rate
d)
time
15.
The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.
a)
fraction
b)
decimal
c)
ratio
d)
dollar amount
16.
Write the percent as a decimal. 
4.3%
a)
4.3
b)
.43
c)
.043
d)
4300
17.
Write the percent as a decimal. 
5%
a)
5
b)
.5
c)
.05
d)
500
18.
Write the percent as a decimal. 
3.25%
a)
.0325
b)
.325
c)
3250
d)
32.5
19.

Tina invested $2,000 in a simple interest account and earned 8% rate for 5 years. What is the interest that she earned on the account?

a)

$160

b)

$800

c)

$80,000

d)

$16

20.

Emilio borrows $1200 from a bank with 8.5% simple interest per year. How much will he have to pay back total in 2 years?

a)

$204

b)

$996

c)

$1,020

d)

$1,404

21.
Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?
a)
$7.50
b)
$26.25
c)
$87.5
d)
$262.50
22.
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
23.
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?
a)
$800
b)
$1,000
c)
$1,200
d)
$1,500
24.
The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  
a)
the amount of money borrowed or deposited
b)
the percent interest for his year
c)
the amount taxed
d)
the amount the bank owes you for being a customer at their bank
25.
The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.
a)
fraction
b)
decimal
c)
ratio
d)
dollar amount
26.
Anna invested $2,500 at an annual rate of 5%.  How long will it take until Anna earns $1,125 in interest?
a)
5 years
b)
8 years
c)
10 years
d)
9 years
27.
Javon has a credit card with a $1,583 balance. His interest rate is 8.8%. If he does not pay for 3 years, how much interest does he owe?
a)
$4,179
b)
$417.91
c)
$133,930
d)
$41,791
28.
Allison was left an inheritance from her Aunt Lisa. She can not touch the money until she is 21 years old, Allison is now 12 years old and inherited $50,000 that was put into an account with 2% interest. How many years until Allison is 21 years old?
a)
12
b)
21
c)
8
d)
9
29.
Allison was left an inheritance from her Aunt Lisa. She can not touch the money until she is 21 years old, Allison is now 12 years old and inherited $50,000 that was put into an account with 2% interest. How much interest will Allison have earned at her 21st birthday?
a)
$900
b)
$100,000
c)
$9,000
30.

You borrowed 43,800 at a SIMPLE interest rate of 4.8%. If you pay it back in 2 years, how much interest is paid pack?

a)

$464,280

b)

$85,848

c)

$4204.8

d)

$48,004.80

31.
The simple interest formula is I=Prt.  What does the t represent?
a)
Principle
b)
Interest
c)
Time
d)
Percent Rate
32.

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

33.
If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?
a)
divide 12 by the months
b)
divide the months by 12
c)
multiply 12 times the months
d)
change the months to a decimal
34.
What is 7.25% converted to a decimal?
a)
.725
b)
0.725
c)
0.0725
d)
7.25
35.
Interest can be defined as:
a)
a charge for lending money
b)
the amount owed for borrowing money
c)
the amount added into your savings account when opening a bank account
d)
a charge for convenience of accessing money in your bank
36.
Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?
a)
$7.50
b)
$26.25
c)
$87.5
d)
$262.50
37.

Calculate the interest. I = PRT,

Principal = $1000,

Rate = 6%,

Time = 2 years

a)

$100

b)

$120

c)

$180

d)

1200

38.
Calculate the interest.  I = PRT,
Principal = $10000,
Rate = 7%,
Time = 20 years

a)
1400
b)
1000
c)
14000
d)
14
39.
Ann puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?
a)
4
b)
8
c)
12
d)
16
40.
Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.
a)
14
b)
140
c)
168
d)
16.80
41.
Caiden 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 15 years?
a)
$827.52                     (Mr. Williams)       
b)
$831.10                 (Mrs. Hoch)
c)
$839.45                    (Mr. Krajunus)
d)
$846.80                   (Ms. Palombo)
42.
Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually,what will be the balance after 18 years?
a)
$6,273.50  frustrated
b)
$6,314.08 bewildered
c)
$6,385.72         pleased
d)
$6,427.94           tickled pink
43.
Mark 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 5 years?
a)
$33,299.42       playing dodgeball
b)
$33,672.68   climbing trees
c)
$34,157.04         riding unicycles
d)
$34,710.88      flipping pancakes
44.
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 30 years?
a)
$412,749.79      Labor Day
b)
$429,305.61            the 4th of July
c)
$471,259.24  Groundhog Day
d)
$494,546.99 Valentine’s Day
45.
Kennedy 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 interest will she earn in 10 years?
a)
$915.59                Rome
b)
$933.28             Sydney
c)
$979.81               Dublin
d)
$1,005.09              Paris
46.
Town Bank offers a 2.25% interest rate, while Charter One offers 2.8%. Both banks compound interest annually. If Rob wants to set up a new account with $5,000,how much more money will he earn at Charter One over Town Bank after 25 years?
a)
$1,183.41                fairy wings
b)
$1,209.79             space suits
c)
$1,251.63          bubble wrap
d)
$1,324.10               hula skirts
47.
Twelve years ago, Claire put $1,800 in an account that pays an interest rate of 2.5% compounded semiannually.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 7 years?
a)
$3,207.40             eating ice cream 
b)
$3,348.96        chewing gum
c)
$3,574.15            telling math jokes
d)
$3,733.62                   tap dancing
48.

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?

a)

Shelly will have $131.24 more in her account

than Anne has in her account.

b)

They will have the same

amount in their accounts.

c)

Shelly will have $11.24 more

in her account than Anne has in her account.

d)

Anne will have $11.24 more in

her account than Shelly has in her account.

49.

When calculating

interest, how do you write the percent?

a)

a fraction

b)

a decimal

c)

a round number

d)

not enough information

50.

Steve deposited

$5,000 in a savings account that pays 4% interest compounded annually. Which

equation could be used to find the value of the account after 3 years?

a)

A = 5,000(1 + 4)3

b)

A = 5,000(1 + 0.04)3

c)

A = 5,000(1 + 0.4) x 3

d)

A = 5,000(0.04)3

51.
Change 6.75% to a decimal.
a)
67.5
b)
.675
c)
675
d)
.0675
52.
The compound interest formula is:
A = P(1 + r)t

What does the A represent?
a)
The amount of interest earned.
b)
The amount of time that has passed.
c)
The total amount of money after a certain amount of time.
d)
The amount required to invest.
53.
Semi-Annually means how many times a year?
a)
4 
b)
2
c)
1
d)
6
54.

Deana invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total money will Deana earn in 15 years?

a)

$1,584.62

b)

$2,651.39

c)

$2,706.86

d)

$1,825.10

55.

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?

a)

$15,415.94

b)

$15,683.28

c)

$15,927.56

d)

$16,109.05

56.

Principal: $5000

Interest Rate: 3.75%

Time: 25 years

Compounded Monthly

State the future account balance.

a)

$12712.31

b)

$12,749.30

c)

$12,657.59

d)

$12550.84

57.
Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Riley earn in 15 years?
a)
$1,584.62
b)
$2,651.39
c)
$2,706.86
d)
$1,825.10
58.
Olivia 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.
a)
$15,415.94
b)
$15,683.28
c)
$15,927.56
d)
$16,109.05
59.
Principal: $999
Interest Rate: 5.45%
Time: 19 years
Compounded Quarterly
State the future account balance.
a)
$2794.10
b)
$2738.11
c)
$2774.98
d)
$2807.11
60.
Jimmy invested $200 in a retirement account that had a rate of 20% that compounds annually.  If Jimmy leaves his money puts the money in when he is 24 and takes it out when he is 64, how much money will be in his account rounded to the nearest dollar?
a)
$29395
b)
$293954.31
c)
$293954
61.

In the compound interest formula A=P(1+r)t what does the A stand for?

a)

The amount of interest

b)

The total amount

c)

The interest rate

d)

The time

62.

In the compound interest formula A=P(1+r)t what does the P stand for?

a)

The time

b)

The total amount

c)

The principal amount (original amount)

d)

The interest rate

63.

Jacob borrows $500 from Abraham and agrees to have the loan compounded annually for 5 years with an interest rate of 2.5%. How much will the total amount be that Jacob owes?

a)

$565.70

b)

$262609.38

c)

$65.70

d)

$630.20

64.

Hei-Hei has $1500 in a retirement account earning 5% interest compounded annually. After 5 years how much does Hei-Hei have in the account?

a)

$1750

b)

$2010.14

c)

$2500

d)

$1914.42

65.

Henry deposits $750 into a college savings account that is compounded annually when his parents received as a stimulus package. If Henry 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?

a)

$1127.74

b)

$1535.24

c)

$2345.67

d)

$850.76

66.

If you wanted to amount of interest an account has earned after being compounded annually. What would you have to do after you found "A" using the formula A=P(1+r)t ?

a)

Add A (total amount) plus P (original amount)

b)

Subtract A (total amount from P (original amount)

c)

Add P (original amount) plus A (total amount)

d)

Subtract P (original amount) from A (total amount)

67.

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

68.

Trevor 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?

a)

Yes

b)

No

69.

Chris borrows $450 from Gavin. Gavin lets Chris choose either a simple interest loan for 10 years with a 3.5% interest rate or a loan compounded annually for 7 years with a 2% interest rate. Which should Chris choose if he wants the cheaper plan? Use I=P*r*t for simple interest (make sure to add I plus P at the end) and A=P*(1+r)t for compound interest.

a)

The simple interest plan

b)

The compound interest plan

70.

Daniel 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?

a)

$625.88

b)

$950.12

c)

$315.45

d)

$552.49

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