Solving Exponential Interest Word Problems for Grade 9

A bank offers a savings account with an annual interest rate of 5%. If you deposit $1,000, how much money will you have after 3 years?

• 1100.50

• 1200.00

• 1050.75

• 1157.63

You invest $2,000 in a fund that earns 4% interest compounded annually. What will be the total amount in the account after 5 years?

• 2000.00

• 2433.31

• 2300.00

• 2500.00

If you borrow $1,500 at an interest rate of 6% per year, how much will you owe after 4 years?

• $1,500

• $1,200

• $1,860

• $2,000

A car dealership offers financing at an interest rate of 7% for 5 years on a loan of $10,000. What will be the total amount paid at the end of the loan term?

• $12,000

• $15,000

• $13,500

• $10,500

You plan to save $500 every year in an account that earns 3% interest compounded annually. How much will you have saved after 10 years?

• 5731.94

• 4500.00

• 5000.00

• 6200.50

A student takes out a loan of $3,000 at an interest rate of 5% per year. How much will the student owe after 2 years?

• $2,500

• $3,300

• $3,600

• $3,000

If you invest $5,000 in a bond that pays 8% interest compounded annually, how much will you have after 6 years?

• 7000.50

• 7934.37

• 8500.00

• 6000.00

You deposit $800 in a bank account that offers 4% interest compounded annually. What will be the total amount in the account after 4 years?

• 980.00

• 900.00

• 935.89

• 850.00

A company invests $10,000 in a project that yields 9% interest per year. How much will the investment be worth after 3 years?

• $11,000

• 12950.29

• $13,500

• $12,000

If you take a loan of $2,500 at an interest rate of 5% for 3 years, how much will you need to repay at the end of the loan term?

• 2500

• 3000

• 2750

• 2875