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Interest Review (DUE ON FRIDAY AT 3 PM)

Total questions: 46

Worksheet time: 3hrs 1mins

Name
Class
Date
1.
To earn as much interest as possible, you should open a savings account that earns ______ interest and has the _____ interest rate.
a)
compound; lowest
b)
simple ; lowest
c)
compound ; highest
d)
simple ; highest
2.
John just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions enable him to earn MORE interest?
a)
selecting an account with a higher interest rate
b)
leaving his money in the account for a long period of time
c)
transferring money into his checking account each month
d)
higher interest rate AND leaving money in for a longer time
3.
Write the percent as a decimal. 
4.3%
a)
4.3
b)
.43
c)
.043
d)
4300
4.
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 year?
a)
$827.52
b)
$831.10
c)
$839.45
d)
$846.80
5.

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.

6.

If $1,000 is invested at 16% interest, compounded annually, for five years, what is the ending balance?

a)

$1,225,54

b)

$2,100.34

c)

$22,255.40

d)

$225.54

7.

the time has to be in _____________

a)

years

b)

months

c)

days

d)

seconds

8.

The A means ____________ in compound interest

a)

annual

b)

amount in account

c)

answer

d)

accrued debt

9.

interest is _________

a)

extra money paid for borrowing

b)

interesting

c)

Flocabulary songs

d)

time times rate

10.
Find the total amount in the account to the nearest cent if the interest is compounded annually. 
$2750 at 8% for 2 years
a)
$220
b)
$440
c)
$660
11.
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
12.
You borrowed $59,000 for 2 years at 11% which was compounded annually.  What total will you pay back?
a)
$13,693.90
b)
$1,363.90
c)
$72,693.90
d)
$73,793.90
13.
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
14.

43.5% of this skeleton's body is his the mermaid tail. Write that percent as a decimal.

a)

4.35

b)

.435

c)

.0435

d)

4300

15.

What does the "I" in the interest formula stand for?

a)

It

b)

Interest

c)

the Headless Iron Man

d)

Ignoramus

16.

What is the simple interest on a loan of $2000 at a rate of 5% per year for 3 years?

a)

$300

b)

$100

c)

$150

d)

$200

17.

Find the time in years required for an amount of $500 to earn $150 as simple interest at an annual rate of 6%.

a)

3 years

b)

4 years

c)

5 years

d)

6 years

18.

If you borrow $5000 at a simple interest rate of 4% for 4 years, what will be the total amount you have to pay back?

a)

$5800

b)

$6000

c)

$6400

d)

$6800

19.

Calculate the simple interest on $1500 for 2 years at an annual interest rate of 6%.

a)

$180

b)

$200

c)

$220

d)

$1800

20.

What will be the total payment for a loan of $2500 taken at a simple interest rate of 8% for 3 years?

a)

$600

b)

$2800

c)

$900

d)

$3100

21.

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

22.

If $1500 is invested at a simple interest rate of 4.5% per year, how much interest will be earned in 3 years?

a)

$180

b)

$202.5

c)

$225

d)

$270

23.

If the simple interest on the principal for 2 years at 5% per year is $200, what is the principal?

a)

$2000

b)

$1000

c)

$4000

d)

$5000

24.

Calculate the principal amount that will earn $1120 in interest after 4 years at a simple interest rate of 7% per year.

a)

$4000

b)

$3600

c)

$2120

d)

$4200

25.

Find the rate of simple interest if $4000 earns $800 in interest in 2 years.

a)

8%

b)

10%

c)

12%

d)

20%

26.

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

27.
Find the interest rate:
Principal: $4,900
Interest:$191.10
Time: 1.5 years
a)
171%
b)
17.1%
c)
0.026%
d)
2.6%
28.

Find time (in years):
Principal: $3,750
Interest: $427.50
Interest Rate: 3.8%

a)
3 years
b)
2.3 years
c)
0.3 years
d)
30 years
29.

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

30.

Christian opened a savings account with $3250. His account will earn 5.2% simple interest. What will the total amount be in his savings account after 6 years?

a)

$4,264.00

b)

$1,104.00

c)

$4,160.00

d)

$4,400.00

31.
Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase.  The bank said that she could get a simple interest rate of 8% for 5 years.  What is the total amount that Beyonce will pay for the chair?
a)
$2600
b)
$910
c)
$9100
d)
$260
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.
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
34.

Mr. Peterson paid $1,020 in simple interest for a loan, which was given to him at a rate of 5% for 3 years. How much money did he borrow originally?

a)

$5,400

b)

$6,800

c)

$3,240

d)

$14,620

35.
The simple interest formula is I=Prt.  What does the t represent?
a)
Principle
b)
Interest
c)
Time
d)
Percent Rate
36.
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
37.
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
38.
You invested $1,900 at 4% interest compounded annually for 3 years.  How much interest did you earn in 3 years?
a)
$2,372.40
b)
$237.24
c)
$2,137.24
d)
$3,197.60
39.
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 year?
a)
$827.52
b)
$831.10
c)
$839.45
d)
$846.80
40.
Bruno was given $2000 when he turned 3 years old.  His parents invested it at a 2% interest rate compounded annually.  No deposits or withdrawls were made.  Which expression can be used to determine how much money Bruno had in the account when he turned 16? 
a)
2000(1+0.02)13
b)
2000(1-0.02)13
c)
2000(1+0.02)16
d)
2000(1-0.02)16
41.
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
42.

When Using the compound interest formula, what is the extra step you must take to get interest?

a)

add the principle

b)

subtract the principle

c)

multiply the principle

d)

leave it alone

43.

When using the simple interest formula, what do you get when you multiply P x R x T ?

a)

I for interest

b)

A for Total

c)

I for total

d)

A for Interest

44.

Joe went to the store to buy a car, he needed to buy a car to get to work, the car cost 19,000$. Joe needs to Borrow 19,000$ in order to get a car, to get to work. He gets a loan at 3% interest rate for 5 years with simple interest, what is the Principle?

a)

2,850$

b)

21,850$

c)

19,000$

d)

38,000$

45.

What interest is better when you are buying a car?

a)

Simple Interest

b)

Compound Interest

c)

Interesting interest

d)

simpound Interest

46.

Which is better to have when you invest money?

a)

Compound Interest

b)

Simple Interest

c)

Good interest

d)

Simpound Interest

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