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.

   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
5. 5.

   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

6. Read this first

   Percent money table

   Line	Percent	Amount
   amount saved	100%	$250
   interest for 1 year	4%	$10
   interest for 4 years	?	?

7. 6.

   Ren reads the table for Ms. Frost's pretend savings account. It earns simple interest each year. How much interest does it earn in 4 years?

   $40
8. 7.

   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
9. 8.

   Amount saved | 100% | $350; 1% | $3.50; interest for 1 year | 4% | blank. The art club's pretend fund holds $350 and earns 4% simple interest each year. Using the table, how much interest does Bo find for 2 years?

   $28
10. 9.

    Amount saved | 100% | $450; 1% | $4.50; interest for 1 year | 3% | blank. Ms. Wells's pretend savings account holds $450 and earns 3% simple interest each year. Using the table, how much interest does Esme find for 3 years?

    $40.50
11. 10.

    Amount saved | 100% | $140; 1% | $1.40; interest for 1 year | 5% | blank. The class trip fund holds $140 and earns 5% simple interest each year. Using the table, how much interest does Jun find for 3 years?

    $21