Farmer Richards purchased two new tractors for his farm. He had to borrow $312,000.00 at an interest rate of 3.75%, compounded annually. He took out a 6 year loan. How much compound interest to the nearest rounded 100th will accrue over the 6 years and what will be the full amount that Farmer Richards will have to pay back?
0%
Compound Interest Accrued: $75,000.00; Full Amount to Pay-Off Loan: $387,000.00
0%
Compound Interest Accrued: $77,000.00; Full Amount to Pay-Off Loan: $389,000.00
0%
Compound Interest Accrued: $78,000.00; Full Amount to Pay-Off Loan: $390,000.00
100%
Compound Interest Accrued: $81,000.00; Full Amount to Pay-Off Loan: $393,000.00
Q.2.
Caleb has $2,900 in his savings account that is earning 6% interest, compounded annually. How much compound interest to the nearest rounded 100th will he earn (accrue) in 4 years and what will be the new amount of his savings account?
0%
Compound Interest Accrued: $854.00; Full Amount in Savings: $3,754.00
0%
Compound Interest Accrued: $804.00; Full Amount in Savings: $3,704.00
100%
Compound Interest Accrued: $754.00; Full Amount in Savings: $3,654.00
0%
Compound Interest Accrued: $704.00; Full Amount in Savings: $3,604.00
Q.3.
The sports department of Ridgeville High School took out a 2 year loan in the amount of $28,000.00 to buy all new uniforms. The loan is earning 5.24% interest, compounded annually. How much compound interest to the nearest rounded 100th will accrue over 2 years and what will be the full amount that the sports department will have to pay back?
0%
Compound Interest Accrued: $2,080.00; Full Amount to Pay-Off Loan: $30,080.00
100%
Compound Interest Accrued: $3,080.00; Full Amount to Pay-Off Loan: $31,080.00
0%
Compound Interest Accrued: $3,060.00; Full Amount to Pay-Off Loan: $31,060.00
0%
Compound Interest Accrued: $3,180.00; Full Amount to Pay-Off Loan: $31,180.00
Q.4.
Phillip took out a small loan of $500.00 at an interest rate of 11%, compounded annually. He will pay the full amount back in 2 years. What will be the full amount of money Phillip will have to pay back and how much of that will be the compound interest?
0%
Compound Interest Accrued: $115.00; Full Amount to Pay-Off Loan: $615.00
0%
Compound Interest Accrued: $105.00; Full Amount to Pay-Off Loan: $605.00
0%
Compound Interest Accrued: $135.00; Full Amount to Pay-Off Loan: $635.00
100%
Compound Interest Accrued: $95.00; Full Amount to Pay-Off Loan: $595.00
Q.5.
Amanda has $75.00 in the bank which is earning 8% interest, compounded annually. If she does not touch this account, how much compound interest will she earn in 1 year and what will be the new amount of her bank account?
0%
Compound Interest Earned: $7.50; Amount in Savings: $82.50
0%
Compound Interest Earned: $7.00; Amount in Savings: $82.00
0%
Compound Interest Earned: $6.50; Amount in Savings: $81.50
100%
Compound Interest Earned: $6.00; Amount in Savings: $81.00
Q.6.
Paul and Kristi bought a new boat for $154,000. The lender gave them a loan at 4.12% interest, compounded annually, for 10 years. How much compound interest will accrue over the 10 years and what will be the full amount that Paul and Kristi will have to pay back?
0%
Compound Interest Accrued: $72,000.00; Full Amount to Pay-Off Loan: $226,000.00
100%
Compound Interest Accrued: $77,000.00; Full Amount to Pay-Off Loan: $231,000.00
0%
Compound Interest Accrued: $81,000.00; Full Amount to Pay-Off Loan: $393,000.00
0%
Compound Interest Accrued: $83,000.00; Full Amount to Pay-Off Loan: $395,000.00
Q.7.
Mitch has $700 in his checking account that is earning 12% interest, compounded annually. How much compound interest to the nearest rounded 100th will he earn in 1 year and what will be the new amount of his checking account?
0%
Compound Interest Earned: $54.00; Amount in Savings: $754.00
0%
Compound Interest Earned: $64.00; Amount in Savings: $764.00
0%
Compound Interest Earned: $74.00; Amount in Savings: $774.00
100%
Compound Interest Earned: $84.00; Amount in Savings: $784.00
Q.8.
Grandpa Jones has $90,000.00 in the bank which is earning 13% interest, compounded annually. If he does not touch this account, how much compound interest will he earn in 5 years and what will be the new amount of his bank account?
0%
Compound Interest Earned: $72,600.00; Amount in Savings: $162,600.00
0%
Compound Interest Earned: $73,600.00; Amount in Savings: $163,600.00
0%
Compound Interest Earned: $74,600.00; Amount in Savings: $164,600.00
100%
Compound Interest Earned: $75,600.00; Amount in Savings: $165,600.00
Q.9.
Penny deposited $280.00 into her savings account that is earning 5.6% interest, compounded annually. How much compound interest to the nearest rounded penny will she earn in 3 years and what will be the new amount of her savings?
0%
Compound Interest Earned: $607.04; Amount in Savings: $887.04
0%
Compound Interest Earned: $60.70; Amount in Savings: $340.70
100%
Compound Interest Earned: $50.40; Amount in Savings: $330.40
0%
Compound Interest Earned: $54.00; Amount in Savings: $334.00
Q.10.
Julie deposited $967.00 into her savings account that is earning 5.85% interest, compounded annually. How much compound interest to the nearest rounded 100th will she earn in 2 years and what will be the new amount of her savings?
0%
Compound Interest Earned: $116.04; Amount in Savings: $1,083.04
100%
Compound Interest Earned: $117.04; Amount in Savings: $1,084.04
0%
Compound Interest Earned: $118.04; Amount in Savings: $1,085.04
0%
Compound Interest Earned: $119.04; Amount in Savings: $1,086.04
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