Compound and Simple Interest 7.13E

Rita has a loan of $45,580. This loan has a simple interest rate of 4% per year. What is the amount of interest that Rita will be charged on this loan at the end of one year?

• $47,403.20

• $11,395

• $18,232

• $1,823.20

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Mr. Juarez opened a savings account with an initial deposit of $560 and will not make any additional deposits or withdrawals. The account earns 1% simple interest. What is the total amount that Mr. Juarez will have in his account at the end of 3 years?

• $168.00

• $56.00

• $565.60

• $576.80

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Anne deposited $500 in an account that earns 6% simple interest. Shelly deposited $500 in an account that earns 6% interest compounded annually. They leave the money in the account for 4 years. Which statement is true about the two investments after 4 years?

• Shelly will have $131.24 more in her account than Anne has in her account.

• They will have the same amount in their accounts.

• Shelly will have $11.24 more in her account than Anne has in her account.

• Anne will have $11.24 more in her account than Shelly has in her account.

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Carly deposited $800 in an account that earns 6% interest compounded annually. Lara deposited $800 in an account that earns 6% simple interest. How much will each girl have

in their account at the end of 10 years if they make no withdrawals or deposits?

• Carly: $1432.68 Lara: $1280

• Carly: $1444.89 Lara: $1280

• Carly: $1444.89 Lara: $1320

• Carly: $1432.68 Lara: $1320

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Steve deposited $5,000 in a savings account that pays 4% interest compounded annually. Which equation could be used to find the value of the account after 3 years?

• A = 5,000(1 + 4)³

• A = 5,000(1 + 0.04)³

• A = 5,000(1 + 0.4) x 3

• A = 5,000(0.04)³

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Heather invested $8,000 in a 4-year Certificate of Deposit (CD) that pays 4.1% interest compounded annually. What is the value of the CD at the end of the 4 years?

• $9,394.92

• $9,312.00

• $1394.00

• $1312.00

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David invests $10,000 in a savings account that pays 3.5% simple interest. If David makes no withdrawals or deposits to the account, how much will be in the account after 7 years.

• $2,450

• $11,750

• $12,450

• Not here

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Garrison deposited $500 in an account that earns 5% interest compounded annually. If he makes no withdrawals or deposits, how much interest will the account earn after 4 years?

• $600

• $100

• $607.75

• $107.75

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Gilberto invests $10,000 in a savings account that pays 4.75% simple interest. If Gilberto makes no withdrawals or deposits to the account, how much will be in the account after 7 years?

• $3,325

• $13,325

• $13,838.16

• $13,000

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Travis invests $25,000 in a savings account that pays 2.75% simple interest. How much interest does he earn each year?

• $787.50

• $625

• $657.50

• $687.50

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