Interest: simple and compound compared

Answer Key - Grade 7 Math Worksheet - Building Confidence

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

1. 1.

   Ari reads a pretend savings table. Ms. Frost's pretend savings account holds $200 and earns 5% interest in 1 year. How much interest does it earn in that year?

   $10
2. 2.

   Esme reads a pretend savings table. Mr. Dunn's pretend savings account holds $250 and earns 3% interest in 1 year. How much interest does it earn in that year?

   $7.50
3. 3.

   Jun reads a pretend savings table. The art club's pretend fund holds $400 and earns 2% interest in 1 year. How much interest does it earn in that year?

   $8
4. 4.

   The class trip fund holds $120 and earns 5% interest in 1 year. Luz wants the balance after 1 year. How much is in the account then?

   $126
5. 5.

   Mr. Cole's pretend savings account holds $450 and earns 2% interest in 1 year. Milo wants the balance after 1 year. How much is in the account then?

   $459
6. 6.

   The school garden club's pretend fund holds $500 and earns 3% interest in 1 year. Noah wants the balance after 1 year. How much is in the account then?

   $515

7. Read this first

   Percent money table

   Line	Percent	Amount
   amount saved	100%	$500
   interest for 1 year	2%	$10
   interest for 3 years	?	?

8. 7.

   Pia reads the table for Ms. Shaw's pretend savings account. It earns simple interest each year. How much interest does it earn in 3 years?

   $30
9. 8.

   Tala reads the table for The class trip fund. It earns simple interest each year. How much interest does it earn in 2 years?

   $36
10. 9.

    Zee reads the table for Mr. Grove's pretend savings account. It earns simple interest each year. How much interest does it earn in 2 years?

    $70
11. 10.

    Amount saved | 100% | $200; 1% | $2; interest for 1 year | 6% | blank. Mr. Dunn's pretend savings account holds $200 and earns 6% simple interest each year. Using the table, how much interest does Ari find for 2 years?

    $24