Vocabulary
Simple Int word probs
Compound Interest
Contribution Probs
Mixed Review
100
In the equations I=Prt and A=P(1+r)^t, what does the t represent?
Time
100
$70 in a savings account.The interest rate is 5% per year. How much interest will she earn in 5 years?
17.5
100
You borrowed $59,000 for 2 years at 11% which was compounded annually. What is your total repayment amount?
$72,693.90
100
One semester at TJC is $1500, if your parents agree to pay 55% of it, how much will they cover that one semester?
$825
100
Is simple or compound interest the better loan with the terms below?
P=$15,000
r=4.5%
t=15 years
Simple interest = $25,125
(vs Compound $29,029.24)
200
What does the r represent in the 2 equations for simple and compound interest?
Rate
200
Randy wants to move his savings account to a new bank that pays a better interest rate of 3.5% so that he can earn $100 in interest faster than at his old bank. If he moves $800 to the new bank, how long will it take for him to earn the $100 in interest?
A: 3.57 years
200
Your allowance of $190 got 12% compounded annually for 1 2/3 years. What’s in the account after the 1 2/3 years?
$229.50
200
If one semester at UT Tyler costs $2525, and grandma Billy Jane agrees to pay 25% of your bill for one year, how much are you responsible for paying for one year?
$3787.50
200
Which would be a better investment?
Investment of $1350, 4.5% simple interest for 5 years
OR
Investment of $1425, 3% compounded annually for 5 years
Simple Interest
300
What does the letter P represent in the equation I=Prt and A=P(1+r)^t?
Principal
300
Kelly plans to put her graduation money into an account and leave it there for 4 years while she goes to college. She receives $750 in graduation money that she puts it into an account that earns 4.25% interest. How much will be in Kelly’s account at the end of four years?
$877.50
300
Your 8 year loan of $12,200 is at 5.3% compounded annually. How much will you have paid in total for your loan?
$18,441.10
300
A FFA scholarship will cover 45% of your tuition to cover your $1975 bill for one year. How much should you save every month for 2 years to cover the first year of college?
$45.26
300
A bank offers customers a savings account that pays interest at a rate of 5% and is compounded annually. If a customer deposits $2500 into this savings account for five years, about how much more interest will he earn there than if he deposits the same principal into an account that pays simple interest at 5% for 5 years?
$65.70
400
Interest calculated only on the initial amount deposited, invested, or borrowed; I= prt
Simple Interest
400
A local bank is advertising that you can double your money in eight years if you invest with them. Suppose you have $1000 to invest. What interest rate is the bank offering?
AS A PERCENT
12.5%
400
Your $440 gets 5.8% compounded annually for 8 years. how much interest is accrued?
$250.78
400
One year at Texas A&M costs $12,000. You earned a scholarship which will cover $3,000. Your parents will then cover 40% of the remaining balance. If you have a year to save, how much money do you need to save every month, to cover the rest of the balance?
$450
400
A cube is dilated by a scale factor of 
to create a new cube. The surface area of the new cube is
500
Interest paid on the principal AND the accumulated interest during the repayment period.
A=P(1+r)^t
Compound Interest
500
Jamie wants to earn $500 in interest so she’ll have enough to buy a used car. She puts $2000 into an account that earns 2.5% interest. How long will she need to leave her money in the account to earn $500 in interest?
10 years
500
You invest $1,900 at 4% and it’s compounded annually for 3 years. How much will your interest be accrued after 3 years?
$237.24
500
One semester at SFA is $2250. Your sweet, rich grandma will pay 50% of that for you, and your parents will help cover 15% of the remaining balance. If you go to school at SFA for 4 years, and your grandma and parents keep the same arrangement, how much are you responsible for paying for the four years?
$3825
500
Hannah said that the interest earned on a loan of $44500 at .34% simple interest for 60 months was $9,078
Karen said it was $756.50
Benny said it was $75,650
Who was right?
Karen
.34 % is 0.0034
and 60 months is 5 years