SIMPLE and COMPOUND INTEREST
NAME:___________________________
Calculate the INTEREST and TOTAL FINAL AMOUNT at the end of each loan/investment. (SHOW ALL WORKING AND STATE ALL ANSWERS TO TWO DECIMAL PLACES.)
Simple Interest
Compound Interest
Simple OR Compound Interest
Deposit of $500 at 3% for 2 years
Loan of $3,270 at 4% for 5 years, compounding
monthly.
Jackson invested of $5,860 at 4.3% for 7 years.
Loan of $7,500 at 2% for 5 years
Deposit of $4,760 at 9% for 12 years,
compounding half yearly.
Killean took out a loan to buy a boat for $98,450 at 8.7%
for 5 years, compounding fortnightly.
Deposit of $2,205 at 4.5% for 3 years
Home mortgage of $288,950 at 3.5% for 25
years, compounding fortnightly.
Yanna inherited $100,000 and invested it in a term
deposit at 1.4% for 2 years.
Deposit of $80,000 at 2.2% for 4 years
Car loan of $36,299 at 7.2% for 7 years,
compounding weekly.
Kaedin took out a home loan of $566,200 at 2.7% for 30
years, compounding monthly.