Compound Interest Balance

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

Emily would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years.

• $15,415.94

• $15,683.28

• $15,927.56

• $16,109.05

Emily would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly.

If she spent $7,400, what exponential equation can be used to find how much she will pay after 8 years.

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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. Jay'den wants to know his balance after 15 years? What does $475 represent?

• Principal or initial value, P

• Rate of interest, r

• Number of times interest is compounded, n

• Time, t

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. Jay'den wants to know his balance after 15 years?

What does 3.8% represent?

• Principal or initial value, P

• Rate of interest, r

• Number of times interest is compounded, n

• Time, t

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. Jay'den wants to know his balance after 15 years? What does 15 represent?

• Principal or initial value, P

• Rate of interest, r

• Number of times interest is compounded, n

• Time, t

Approximately what interest rate would be needed in order to grow an investment of $1,400 to $2,500 in 10 years if the interest was compound monthly?

• 5.96%

• 5.84%

• 5.81%

• 5.88%

The Arnold's took out a loan for $195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?

• $412,749.79

• $529.305.61

• $689,546.99

• $640,891.53

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You want to save $5,000 for future family vacation.  If the bank pays 4.3% compounded monthly for 3 years, then how much will you need to invest to reach your vacation goal?  

• $307,042,791

• $5,000

• $3,250

• $4,395.89