Interest: simple and compound compared

Answer Key - Grade 7 Math Worksheet

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

1. 1.

   Ms. Hale's pretend savings account holds $600 and earns 3% simple interest each year. Kira wants the interest after 4 years. How much is it?

   $72
2. 2.

   The school garden club's pretend fund holds $1,200 and earns 2% simple interest each year. Luz wants the interest after 6 years. How much is it?

   $144
3. 3.

   Ms. Yates's pretend savings account holds $320 and earns 5% simple interest each year. Noah wants the interest after 5 years. How much is it?

   $80
4. 4.

   Ms. Frost's pretend savings account holds $500 and earns 4% simple interest each year. Pia wants the balance after 3 years. How much is in the account then?

   $560
5. 5.

   Mr. Dunn's pretend savings account started with $400 and earned $84 in simple interest over 3 years. Ari works out the yearly rate. What percent is the rate?

   7
6. 6.

   Mr. Grove's pretend savings account started with $250 and earned $90 in simple interest over 3 years. Jun works out the yearly rate. What percent is the rate?

   12
7. 7.

   The class trip fund holds $400 and earns 5% compound interest each year. Luz wants the balance after 2 years. To the nearest cent, how much is it?

   $441
8. 8.

   Ms. Wells's pretend savings account holds $180 and earns 4% compound interest each year. Milo wants the balance after 2 years. To the nearest cent, how much is it?

   $194.69

9. Read this first

   Savings table

   Year	Start	Interest	End
   1	$500	$20	$520
   2	$520	?	?

10. 9.

    Ms. Shaw's pretend savings account earns 4% compound interest each year. Pia reads the table. To the nearest cent, what is the end of year 2?

    $540.80
11. 10.

    Ms. Hale's pretend savings account earns 6% compound interest each year. Tala reads the table. To the nearest cent, what is the end of year 2?

    $393.26