Math Practice Online: MathScore.com

Math Practice Online > free > lessons > Minnesota > 9th grade > Compound Interest

If your child needs math practice, click here.

These sample problems below for Compound Interest were generated by the MathScore.com engine.

Sample Problems For Compound Interest


Complexity=20

Answer the following questions involving compound interest. Input all answers to the nearest dollar
1.   Interest Rate: 2% weekly
Starting Balance: $128
Time Passed: 7 weeks
How much interest has accrued if calculated as compound interest?
What is the new total balance?

  Interest:
  Total balance:
2.   Interest Rate: 6% daily
Starting Balance: $188
Time Passed: 8 days
How much interest has accrued if calculated as compound interest?
What is the new total balance?

  Interest:
  Total balance:

Complexity=50

Answer the following questions involving compound interest. Input all answers to the nearest dollar
1.   Interest Rate: 7% annually
Starting Balance: $131
Time Passed: 7 years
How much interest has accrued if calculated as compound interest?
What is the new total balance?

  Interest:
  Total balance:
2.   Interest Rate: 9% annually
Starting Balance: $331
Time Passed: 14 years
How much interest has accrued if calculated as compound interest?
What is the new total balance?

  Interest:
  Total balance:

Complexity=100

Answer the following questions involving compound interest. Input all answers to the nearest dollar
1.   Interest Rate: 5% daily
Starting Balance: $545
Time Passed: 8 days
How much interest has accrued if calculated as compound interest?
What is the new total balance?

  Interest:
  Total balance:
2.   Interest Rate: 8% daily
Starting Balance: $526
Time Passed: 6 days
How much interest has accrued if calculated as compound interest?
What is the new total balance?

  Interest:
  Total balance:

Answers


Complexity=20

Answer the following questions involving compound interest. Input all answers to the nearest dollar
#ProblemCorrect AnswerYour Answer
1Interest Rate: 2% weekly
Starting Balance: $128
Time Passed: 7 weeks
How much interest has accrued if calculated as compound interest?
What is the new total balance?

  Interest:
  Total balance:
Solution
Compound Interest: Total Balance = P(1 + R)T
P = principle = starting balance = $128
R = interest rate = 2%
T = time = 7 years
Total balance = principle × (1 + interest rate)time = 128 × (1 + (2 / 100))7 = $147
Interest accrued = total balance - starting balance = $147 - $128 = $19
#ProblemCorrect AnswerYour Answer
2Interest Rate: 6% daily
Starting Balance: $188
Time Passed: 8 days
How much interest has accrued if calculated as compound interest?
What is the new total balance?

  Interest:
  Total balance:
Solution
Compound Interest: Total Balance = P(1 + R)T
P = principle = starting balance = $188
R = interest rate = 6%
T = time = 8 years
Total balance = principle × (1 + interest rate)time = 188 × (1 + (6 / 100))8 = $300
Interest accrued = total balance - starting balance = $300 - $188 = $112

Complexity=50

Answer the following questions involving compound interest. Input all answers to the nearest dollar
#ProblemCorrect AnswerYour Answer
1Interest Rate: 7% annually
Starting Balance: $131
Time Passed: 7 years
How much interest has accrued if calculated as compound interest?
What is the new total balance?

  Interest:
  Total balance:
Solution
Compound Interest: Total Balance = P(1 + R)T
P = principle = starting balance = $131
R = interest rate = 7%
T = time = 7 years
Total balance = principle × (1 + interest rate)time = 131 × (1 + (7 / 100))7 = $210
Interest accrued = total balance - starting balance = $210 - $131 = $79
#ProblemCorrect AnswerYour Answer
2Interest Rate: 9% annually
Starting Balance: $331
Time Passed: 14 years
How much interest has accrued if calculated as compound interest?
What is the new total balance?

  Interest:
  Total balance:
Solution
Compound Interest: Total Balance = P(1 + R)T
P = principle = starting balance = $331
R = interest rate = 9%
T = time = 14 years
Total balance = principle × (1 + interest rate)time = 331 × (1 + (9 / 100))14 = $1106
Interest accrued = total balance - starting balance = $1106 - $331 = $775

Complexity=100

Answer the following questions involving compound interest. Input all answers to the nearest dollar
#ProblemCorrect AnswerYour Answer
1Interest Rate: 5% daily
Starting Balance: $545
Time Passed: 8 days
How much interest has accrued if calculated as compound interest?
What is the new total balance?

  Interest:
  Total balance:
Solution
Compound Interest: Total Balance = P(1 + R)T
P = principle = starting balance = $545
R = interest rate = 5%
T = time = 8 years
Total balance = principle × (1 + interest rate)time = 545 × (1 + (5 / 100))8 = $805
Interest accrued = total balance - starting balance = $805 - $545 = $260
#ProblemCorrect AnswerYour Answer
2Interest Rate: 8% daily
Starting Balance: $526
Time Passed: 6 days
How much interest has accrued if calculated as compound interest?
What is the new total balance?

  Interest:
  Total balance:
Solution
Compound Interest: Total Balance = P(1 + R)T
P = principle = starting balance = $526
R = interest rate = 8%
T = time = 6 years
Total balance = principle × (1 + interest rate)time = 526 × (1 + (8 / 100))6 = $835
Interest accrued = total balance - starting balance = $835 - $526 = $309

MathScore.com

Copyright Accurate Learning Systems Corporation 2008.
MathScore is a registered trademark.