Simple/Compound interest
Sean deposited $2500 into a savings account that earns 4% simple interest annually. How much interest will he earn after 5 years?
$500
Job and Mia both borrow $6,000 for a 3-year loan.
Job’s interest rate is 7.5%, and he makes monthly payments of $186.09.
Mia’s interest rate is 5.2%, and she makes monthly payments of $180.10.
At the end of their payment plans, how many dollars more will Job have paid in interest than Mia?
$215.64 more
What is the value of x in the equation 3x − 2 = x + 8?
5
The product of 12 and x is equal to 25 less than x. Write an equation that models this.
12x = x - 25
Mr. J can order stickers from two companies. Company A charges a $30 design fee plus $0.80 per sticker. Company B Charges a $14 design fee plus $1.20 per sticker. How many stickers would he have to order for the cost at both companies to be the same?
30 + 0.80x = 14 + 1.2x
x = 40
Lily deposits $1600 in a savings account that gives her 4.15% interest compounded annually. What will the account balance be after 18 years?
3326.50
Genesis and Hudson both borrow $8,000 for a 4-year loan.
Genesis’s interest rate is 9.2%, and she makes monthly payments of $199.47.
Hudson’s interest rate is 6.9%, and he makes monthly payments of $190.84.
Question: At the end of their payment plans, how many dollars more will Genesis have paid in interest than Hudson?
$414.72 more in interest
-4x - 2 = 4x + 6
-1
ANNELIESE has $750 in her savings account. She plans to deposit $35 each week. Alex has $250 in his savings account, and plans to deposit $50 each week. Write an equation to find x, the number of weeks until they have the same amount in their savings accounts.
750 + 35x = 250 + 50X
Mia had 100 coins and gave away x coins.
Joaquin had 150 coins and gave away three times as many coins as Mia.
If they have the same number of coins left, how many coins did Mia give away?
25
Kaizlyn deposits $2,000 in an account that earns 5% simple interest annually.
Her friend Bailey deposits $1,950 in an account that earns 6% interest compounded annually.
Both deposits are made on the same day, and no additional money is added or withdrawn.
Question: Who will have more money after 5 years, and by how much?
Bailey - 109.54
Abraham is buying a car and needs to borrow $7,200 from the bank. He is given two options:
If he pays the loan back within 4 years, he will make monthly payments of $163.42.
If he pays the loan back within 6 years, he will make monthly payments of $124.76.
Question: How many dollars more will Abraham pay in interest if he chooses the 6-year loan instead of the 4-year loan?
1138.56
27 + 6x = 8.25x
12
Chris has a bucket that originally contained 450 fl oz of water and is being filled at a rate of 6 fl oz per minute. Derrick has a bucket that originally contained 760 fl oz of water and is being drained at a rate of 7 fl oz per minute.
Write an equation that can be used to find x, the number of minutes that need to pass in order for the two buckets to contain the same amount of water.
450 + 6x = 760 -7x
A customer wants to borrow $15,000 to buy a new car. Which loan option would allow the customer to pay the least amount of interest?
A. A 3-year loan with a 6% annual simple interest rate
B. A 4-year loan with a 5% annual simple interest rate
C. A 5-year loan with a 4.5% annual simple interest rate
D. A 2-year loan with a 7% annual simple interest rate
D. A 2-year loan with a 7% annual simple interest rate
Payton is buying a house and needs to borrow $180,000. The bank gives her two options:
A 15-year loan, with monthly payments of $1,634.17.
A 30-year loan, with monthly payments of $1,198.10.
Question: How much more will Payton pay in interest if she chooses the 30-year loan instead of the 15-year loan?
251,316.00−114,150.60 = 137,165.40
-7.7x - 3 = -5.7 - 8x
-9
Dexter starts with $200 and spends $6 per week.
Maelee starts with $50 and adds $4 per week.
Write an equation that will solve for x, how many weeks it will take for Dexter and Maelee to have the same amount of money.
200-6x = 50 + 4x
Dexter starts with $200 and spends $6 per week.
Maelee starts with $50 and adds $4 per week.
how many weeks it will take for Dexter and Maelee to have the same amount of money?
15