Financial Literacy Name: Worksheet: Simple Interest Hour ...

[Pages:2]Financial Literacy Worksheet: Simple Interest

Name:

9

Hour:

Complete the following problems. Show all work.

1. If you invest $7593 in an account that pays 5.6% simple interest, and you leave all of the money in the account, what is the balance of the account after 7 years?

2. If you take out a loan for $550 at 7.2% simple interest and make no payments for 6 months, how much do you owe total?

3. Beth owes $38,000 in student loans. The interest rate on her loans is 8.25%. She will be paying these loans off for 20 years. How much will Beth pay altogether?

4. Craig's bank computes 4.25 percent interest on a daily basis. He has $1250 in the account for 20 days. He makes a deposit of $450 and it is in the account for 10 days. He withdraws $300 and the balance earns interest for 8 days. How much interest does he earn? What is the amount I the account at the end of the month?

9

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download