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. 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?

  3. 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?

  4. 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?

  5. Pia reads The class trip fund: $1,200 at 3% compound interest. In year 2, some interest is earned on the year 1 interest. To the nearest cent, how much is that part?

  6. Ari compares two pretend accounts, each starting with $500. Account A earns 3% compound interest. Account B earns 4% simple interest. Which earns more interest in 2 years?

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

  7. 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?

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

  8. 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?

  9. The class trip fund holds $500 and earns 3% simple interest each year. So far it has earned $75. Jun wants to know how many years that took. How many years is it?

  10. Mr. Dunn's pretend savings account holds $250 and earns 6% simple interest each year. So far it has earned $60. Kira 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. 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

  3. 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

  4. 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

  5. Pia reads The class trip fund: $1,200 at 3% compound interest. In year 2, some interest is earned on the year 1 interest. To the nearest cent, how much is that part?

    $1.08

  6. Ari compares two pretend accounts, each starting with $500. Account A earns 3% compound interest. Account B earns 4% simple interest. Which earns more interest in 2 years?

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

  7. 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?

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

  8. 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

  9. The class trip fund holds $500 and earns 3% simple interest each year. So far it has earned $75. Jun wants to know how many years that took. How many years is it?

    5

  10. Mr. Dunn's pretend savings account holds $250 and earns 6% simple interest each year. So far it has earned $60. Kira wants to know how many years that took. How many years is it?

    4