Worksheet

Interest: simple and compound compared

Grade 7 Math Worksheet - Challenge Me

NameDate

Circle the best answer, or write your answer on the line.

  1. Mr. Cole's pretend savings account holds $500 and earns 4% compound interest each year. Ari wants the balance after 3 years. To the nearest cent, how much is it?

  2. The class trip fund holds $300 and earns 3% compound interest each year. Bo wants the balance after 3 years. To the nearest cent, how much is it?

  3. Ms. Frost's pretend savings account holds $600 and earns 5% compound interest each year. Esme wants the balance after 3 years. To the nearest cent, how much is it?

  4. Mr. Dunn's pretend savings account holds $800. Kira compares 5% simple with 5% compound interest over 3 years. To the nearest cent, how much more does compound earn?

  5. The school garden club's pretend fund holds $300. Luz compares 6% simple with 6% compound interest over 3 years. To the nearest cent, how much more does compound earn?

  6. Noah reads Ms. Yates's pretend savings account: $900 at 5% compound interest. In year 2, some interest is earned on the year 1 interest. To the nearest cent, how much is that part?

  7. Ren reads Ms. Hale's pretend savings account: $800 at 6% compound interest. In year 2, some interest is earned on the year 1 interest. To the nearest cent, how much is that part?

  8. Zee compares two pretend accounts, each starting with $600. Account A earns 4% simple interest. Account B earns 4% compound interest. Which earns more interest in 3 years?

    • Account B earns more interest.
    • They earn the same interest.
    • Account A earns more interest.

  9. Bo compares two pretend accounts, each starting with $300. Account A earns 5% compound interest. Account B earns 5% simple interest. Which earns more interest in 2 years?

    • Account B earns more interest.
    • Account A earns more interest.
    • They earn the same interest.

  10. Ms. Hale's pretend savings account holds $400 and earns 4% simple interest each year. So far it has earned $48. Esme wants to know how many years that took. How many years is it?

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Interest: simple and compound compared

Answer Key - Grade 7 Math Worksheet - Challenge Me

Circle the best answer, or write your answer on the line.

  1. Mr. Cole's pretend savings account holds $500 and earns 4% compound interest each year. Ari wants the balance after 3 years. To the nearest cent, how much is it?

    $562.43

  2. The class trip fund holds $300 and earns 3% compound interest each year. Bo wants the balance after 3 years. To the nearest cent, how much is it?

    $327.82

  3. Ms. Frost's pretend savings account holds $600 and earns 5% compound interest each year. Esme wants the balance after 3 years. To the nearest cent, how much is it?

    $694.58

  4. Mr. Dunn's pretend savings account holds $800. Kira compares 5% simple with 5% compound interest over 3 years. To the nearest cent, how much more does compound earn?

    $6.10

  5. The school garden club's pretend fund holds $300. Luz compares 6% simple with 6% compound interest over 3 years. To the nearest cent, how much more does compound earn?

    $3.30

  6. Noah reads Ms. Yates's pretend savings account: $900 at 5% compound interest. In year 2, some interest is earned on the year 1 interest. To the nearest cent, how much is that part?

    $2.25

  7. Ren reads Ms. Hale's pretend savings account: $800 at 6% compound interest. In year 2, some interest is earned on the year 1 interest. To the nearest cent, how much is that part?

    $2.88

  8. Zee compares two pretend accounts, each starting with $600. Account A earns 4% simple interest. Account B earns 4% compound interest. Which earns more interest in 3 years?

    • Account B earns more interest.
    • They earn the same interest.
    • Account A earns more interest.

  9. Bo compares two pretend accounts, each starting with $300. Account A earns 5% compound interest. Account B earns 5% simple interest. Which earns more interest in 2 years?

    • Account B earns more interest.
    • Account A earns more interest.
    • They earn the same interest.

  10. Ms. Hale's pretend savings account holds $400 and earns 4% simple interest each year. So far it has earned $48. Esme wants to know how many years that took. How many years is it?

    3