Simple/Compound Interest and MAD Review

Write the percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

Which is the formula for calculating compound interest?

• 
• 

Mark got a 4-year simple interest loan for $1750, but he ended up having to pay back $2114. What was the interest rate? (you need to round)

• 30.2%

• 0.302%

• .052%

• 5.2%

Find the compound interest:
Principal: $1735
Interest Rate: 0.8%
Time: 1 year

• $1,388
• $138.80
• $13.88
• None of the answers are correct.

What is the formula for simple interest?

• A=P(1+r)^t
• I=Prt
• I=P(1+r)t
• A=Prt

Mark got a 4-year simple interest loan for $1750, but he ended up having to pay back $2114. What was the interest rate? (you need to round)

• 30.2%

• 0.302%

• .052%

• 5.2%

Starting money = $350. Interest rate = 2.5% TIme = 3 years. How much interest using simple interest formula?

• $7.50

• $26.25

• $87.5

• $262.50

Riley invested $1,000 in a savings account. If the account earns 6.75% simple interest, what is the balance in her account after 15 years?

• $1,012.50

• $10,012.50

• $2,012.50

• $201.25

Twelve years ago, Claire deposited $1,800 in a savings account. It pays 2.5% simple interest. How much in interest did Claire earn in the account?

• $2,340

• $23,400

• $540

• $54

Jay'den earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 year?

• $827.52
• $831.10
• $839.45
• $846.80