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Simple and Compound Interest
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Simple and Compound Interest
Use the formulas below. Write rates as decimals and round money amounts to the nearest cent. Simple interest: I = P × r × t; total amount = P + I. Compound interest: A = P(1 + r)^t. P is the starting balance, r is the annual interest rate, and t is the number of years.
Simple interest
Find the interest earned or the missing value in each situation.
1.A savings account has a starting balance of $2,400 and earns 4.5% simple interest each year. How much interest will it earn in 36 months?
2.Which option earns the greatest amount of simple interest over its stated term?
- $1,800 at 3.5% for 4 years
- $2,500 at 2.8% for 3 years
- $1,400 at 5% for 3 years
3.A person borrows $6,000 at 7% simple interest. The total interest charged is $1,260. For how many years was the money borrowed?
4.A $4,000 deposit earns $440 simple interest at 4% per year. How long is the deposit invested?
Compound interest and comparing options
Assume interest is added once each year unless the question says otherwise.
5.Ari deposits $1,500 in an account paying 4% compound interest per year. What is the balance after 36 months?
6.Compare two deposits of $3,000 after 4 years. Option A earns 4% simple interest per year. Option B earns 4% compound interest per year. Which balance is higher, and by how much?
7.True or false: If the starting balance, annual rate and investment term are the same and the rate is positive, compound interest produces a greater final balance than simple interest.
TrueFalse
8.Rawiri plans to leave $5,000 in an account for 4 years. Koru Bank offers 4% simple interest per year; Harbour Bank offers 3.5% compound interest per year. Calculate each final balance and choose the account that gives Rawiri more money.
9.An account starts with $2,000 and earns 5% compound interest annually. What is the balance after 2 years, and how much of that balance is interest?
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