WorksheetsSavings account and Interest
Total questions: 25
Worksheet time: 39mins
What are 2 reasons to keep your money in a bank?
Its safe
(will not be lost, stolen, or thrown out)
Gains interest
So you don't have to pay penalties
What is a CD in terms of savings accounts?
Compact Disc
Certificate of Deposit
Certified Directory
What is interest calculated in?
Annual Percentage Yield (%)
Dollars earned ($)
Decimals (.)
Interest earned on both the principal and any interest earned on the principal.
Rate of return
Compound interest
Simple interest
Principal earnings
Tap into your savings on a regular basis
What are savings accounts best for?
Spending money frequently.
Stashing cash.
Online shopping.
Direct deposit of paychecks.
What are savings accounts best for?
Spending money frequently.
Stashing cash.
Online shopping.
Direct deposit of paychecks.
Up to what amount are deposit accounts federally insured per depositor at most banks and credit unions?
$100,000
$250,000
$500,000
$1,000,000
This mysterious hand went to the mall and saw a massage chair that he would have to take a loan out to purchase. The total of the loan was $6600. The bank said that he could get a simple interest rate of 8% for 5 years. What is the total amount that the mysterious hand will pay for the chair?
$2600
$924
$9240
$260
Alexton the Skeleton borrowed $4,000 for 5 years at 6% simple interest rate to pay for his band equipment. How much interest is that?
$800
$1,000
$1,200
$1,500
Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?
$150
$192
$1350
$1392
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. What will the value of Jerry's account be after 5 years?
$520,000
$120,000
$5,200
$1,200
Pennywise puts $300 in a bank account earning 4% interest. How much will he earn in interest in 1 year?
4
8
12
16
Mr. Pham has $410,000 in a retirement account that earns 3.85% simple interest each year. Determine the amount earned each year by this investment.
$15,785
$157,850
$425,785
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?
$3182.50
$270.75
$2707.50
$745.75
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?
$22,275
$2227.50
$12,375
$3727.50
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?
$6,679.40
$32,369.40
$66,794
$679.40
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?
$5624
$13,024
$56,240
$1302.40
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?
$446,550
$2515.50
$25,155
$251,550
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?
$8700
$38,700
$870
$3,870
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?
$1,012.50
$10,012.50
$2,012.50
$201.25
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?
$2,340
$23,400
$540
$54
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?
$1593.75
$19,125
$159,375
$14,093.75
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?
$10,625
$1275
$106.25
$127,500
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?
$10,625
$1275
$106.25
$127,500
