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7th grade Interest: simple and compound compared worksheet

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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. 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. 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?

  7. Tala compares two pretend accounts, each starting with $400. Account A earns 5% simple interest. Account B earns 4% compound interest. Which earns more interest in 3 years?

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

  8. 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?

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

  10. 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?

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7th grade Interest: simple and compound compared worksheet – printable
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About this worksheet

Interest: simple and compound compared. Every version has 10 questions, and the answer key prints on the second page.

What your child will learn

  • I can find the simple interest and the balance for any number of years, and the rate or the number of years from the interest.
  • I can find a compound balance for 2 or 3 years, one table a year.
  • I can tell how much more compound earns than simple, and which of two accounts earns more.

Standard: 7.RP.A.3 (simple interest)

Words to know

amount saved: The money put in at the start. It is the first 100% line.

interest: Extra money an account earns, a percent of the amount saved.

rate: The percent earned in one year.

balance: All the money in the account: the amount saved plus the interest.

simple interest: Each year earns the same, a percent of the first amount saved.

compound interest: Each year's balance is the new 100% line, so interest earns interest.

Common mistakes

Your child wrote the rate as if it were dollars (4% as $4).

Your child moved the decimal point one place too few, as if 5% were 0.5 instead of 0.05.

Your child found the interest and then added it to the amount saved, but the question asked only for the interest.

What to say

Ask: is 4% of $150 really $4?

Ask: is 5% five out of every 10, or five out of every 100?

Ask: which part of the balance is the extra money earned?

Questions parents ask

What is the most common mistake with interest: simple and compound compared?

Your child wrote the rate as if it were dollars (4% as $4).

How can I help my child with interest: simple and compound compared?

Ask: is 4% of $150 really $4?

Are these 7th grade math worksheets free to print?

Yes. All 6 printable versions at each level are free to print, with the answer key, and no account is needed.

More grade 7 math

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