Two-year and four-year costs, and a saving plan

Answer Key - Grade 8 Math Worksheet - Challenge Me

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

1. 1.

   Ari reads a pretend plan: year 1 costs $21,000; each later year costs $800 more. Each year the Hollis family pays $5,000 and a scholarship pays $6,000. What is left to borrow over 4 years?

   $44,800
2. 2.

   Esme reads a pretend plan: year 1 costs $26,000; each later year costs $1,000 more. Each year the Durand family pays $7,000 and a scholarship pays $9,000. What is left to borrow over 4 years?

   $46,000
3. 3.

   Jun reads a pretend plan: year 1 costs $15,200; each later year costs $400 more. Each year the Singh family pays $4,000 and a scholarship pays $3,200. What is left to borrow over 4 years?

   $34,400
4. 4.

   Kira reads the Quill family's pretend loan: $12,000 at 5% simple interest a year, repaid in equal monthly payments over 5 years. What is each monthly payment?

   $250
5. 5.

   Milo reads the Cho family's pretend loan: $18,000 at 6% simple interest a year, repaid in equal monthly payments over 10 years. What is each monthly payment?

   $240
6. 6.

   Noah reads the Sato family's pretend loan: $12,000 at 3% simple interest a year, repaid in equal monthly payments over 10 years. What is each monthly payment?

   $130

7. Read this first

   Pretend yearly costs for the Ward family

   Year	Plan A	Plan B
   1	$11,000	$20,000
   2	$11,400	$20,800
   3	$21,000	$21,600
   4	$21,800	$22,400

8. 7.

   Plan A is two years at a two-year college, then two at a four-year one; Plan B is four years at the four-year one. How much does Pia find Plan A saves in all?

   $19,600

9. Pretend yearly costs for the Fischer family

   Year	Plan A	Plan B
   1	$9,800	$18,000
   2	$10,200	$18,600
   3	$19,000	$19,200
   4	$19,500	$19,800

10. 8.

    Plan A is two years at a two-year college, then two at a four-year one; Plan B is four years at the four-year one. How much does Ren find Plan A saves in all?

    $17,100

11. Pretend yearly costs for the Imai family

    Year	Plan A	Plan B
    1	$12,500	$21,000
    2	$12,900	$21,700
    3	$22,000	$22,400
    4	$22,600	$23,100

12. 9.

    Plan A is two years at a two-year college, then two at a four-year one; Plan B is four years at the four-year one. How much does Tala find Plan A saves in all?

    $18,200

13. Pretend yearly costs for the Yu family

    Year	Plan A	Plan B
    1	$8,000	$15,000
    2	$8,300	$15,500
    3	$16,000	$16,000
    4	$16,500	$16,800

14. 10.

    Plan A is two years at a two-year college, then two at a four-year one; Plan B is four years at the four-year one. How much does Zee find Plan A saves in all?

    $14,500