Simple and Compound Interest Practice

Last updated almost 4 years ago

10 questions

Note from the author:

Required

Simple and Compound Interest Practice

Last updated almost 4 years ago

10 questions

Note from the author:

Simple and Compound Interest Practice

Required

Match the correct variable to it's definition

Draggable item		Corresponding Item
t		Amount in the account
P

Required

You get a student loan from the Texas Educational Assistance Foundation to pay for your educational expenses this year. Find the simple interest on the loan if you borrowed $2,000 at 8% for 1 year.

Required

You are starting your own small business in Plano. You borrow $10,000 from the bank at a 9% rate for 5 years. Find the simple interest you will pay on this loan.

Required

Find the simple interest on a loan of $2500 that is borrowed at 9% for 6 months

Required

Find the amount of time that has passed on a loan if the total interest you have earned is $1500, the starting amount was $10000 and the percentage rate of 5%.

Required

At the time of her grandson's birth, a grandmother deposits $5,000 in an account that pays 5% compounded annually. What will be the value of the account at the child's twenty-fifth birthday, assuming that no other deposits or withdrawals are made during this period? Round your answer to the nearest dollar.

Required

Jim Clark borrowed $20,000 from a friendly credit union to buy a car at 5.5% interest per year compounded monthly for 60 months. What is the INTEREST amount gained? Round your answer to 2 decimals places.

Required

A customer will borrow $12,000 to buy a car. Which loan option would allow the customer to pay the least amount of interest?

Required

A student's parents invested $5,000 in a college savings account that pays 4.85% annual simple interest. No additional deposits or withdrawals will be made.
Which amount is closest to the interest earned on the account at the end of 15 years?

Required

Ben deposits $1750 into each of two savings accounts.
1. Account 1 earns 2.75% annual simple interest.
2. Account 2 earns 2.75% interest compounded annually
Ben does not make any additional deposits or withdrawals. Which amount is closest to the difference between the interest Ben will earn in Account 1 and the interest Ben will earn in Account 2 at the end of 2 years.

Draggable item		Corresponding Item
t		Amount in the account
P		Principal
I		rate (as a decimal)
A		time (in years)
r		Interest

Simple and Compound Interest Practice

Simple and Compound Interest Practice

Match the correct variable to it's definition

You get a student loan from the Texas Educational Assistance Foundation to pay for your educational expenses this year. Find the simple interest on the loan if you borrowed $2,000 at 8% for 1 year.

You are starting your own small business in Plano. You borrow $10,000 from the bank at a 9% rate for 5 years. Find the simple interest you will pay on this loan.

Find the simple interest on a loan of $2500 that is borrowed at 9% for 6 months

Find the amount of time that has passed on a loan if the total interest you have earned is $1500, the starting amount was $10000 and the percentage rate of 5%.

Jim Clark borrowed $20,000 from a friendly credit union to buy a car at 5.5% interest per year compounded monthly for 60 months. What is the INTEREST amount gained? Round your answer to 2 decimals places.

A customer will borrow $12,000 to buy a car. Which loan option would allow the customer to pay the least amount of interest?

A student's parents invested $5,000 in a college savings account that pays 4.85% annual simple interest. No additional deposits or withdrawals will be made. Which amount is closest to the interest earned on the account at the end of 15 years?

Match the correct variable to it's definition

You get a student loan from the Texas Educational Assistance Foundation to pay for your educational expenses this year. Find the simple interest on the loan if you borrowed $2,000 at 8% for 1 year.

You are starting your own small business in Plano. You borrow $10,000 from the bank at a 9% rate for 5 years. Find the simple interest you will pay on this loan.

Find the simple interest on a loan of $2500 that is borrowed at 9% for 6 months

Find the amount of time that has passed on a loan if the total interest you have earned is $1500, the starting amount was $10000 and the percentage rate of 5%.

Jim Clark borrowed $20,000 from a friendly credit union to buy a car at 5.5% interest per year compounded monthly for 60 months. What is the INTEREST amount gained? Round your answer to 2 decimals places.

A customer will borrow $12,000 to buy a car. Which loan option would allow the customer to pay the least amount of interest?

A student's parents invested $5,000 in a college savings account that pays 4.85% annual simple interest. No additional deposits or withdrawals will be made. Which amount is closest to the interest earned on the account at the end of 15 years?

A student's parents invested $5,000 in a college savings account that pays 4.85% annual simple interest. No additional deposits or withdrawals will be made.
Which amount is closest to the interest earned on the account at the end of 15 years?

A student's parents invested $5,000 in a college savings account that pays 4.85% annual simple interest. No additional deposits or withdrawals will be made.
Which amount is closest to the interest earned on the account at the end of 15 years?