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Chapter 7 Lesson 7

Last updated over 5 years ago

8 questions

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Question 1

1.

You open up a savings acount and currently have $500 into it. The account earns a simple interest of 5% If you don't put anything into the account, how long do you have to wait until you have $750?

Question 2

2.

If you put $200 into a savings bond, with a simple interest of $24 over 2 years, what is the interest rate?

Question 3

3.

Find the unknown quantity:
A = ?
P = $1000
R = 2.5%
T = 2 yrs

Question 4

4.

Find the unknown quantity:
A = $1424.20
P = ?
R = 3.5%
T = 6 months

Question 5

5.

You start with $1500 that is placed into a savings account with 4.5% annual interest. How long will it take for you to have at least $6000

Question 6

6.

You put in $800 into an account. Over the course of 5 years the account has built up $350. Find the interest rate of the account

Question 7

7.

You loan your sibling $300. You charge him 5.6% annual interest. He says he'll pay you back in 3 years (yikes). How much money will he owe you?

Question 8

8.

In your own words, what does Interest mean?