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

Answer Key - Grade 8 Math Worksheet

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

1. 1.

   The Hollis family's pretend college costs $16,000 for year 1, and the cost rises 5% from the year before, every year. What does Ari find for year 3?

   $17,640
2. 2.

   The Ochoa family's pretend college costs $8,000 for year 1, and the cost rises 5% from the year before, every year. What does Bo find for year 3?

   $8,820
3. 3.

   The Durand family's pretend college costs $24,000 for year 1, and the cost rises 5% from the year before, every year. What does Esme find for year 3?

   $26,460
4. 4.

   The Singh family's pretend college costs $10,000 for year 1, and the cost rises 10% from the year before, every year. What does Jun find for year 3?

   $12,100
5. 5.

   Luz reads the Vance family's pretend plan: year 1 costs $22,000, year 2 costs $23,100. A grant pays $5,000 each year; the family pays $8,000 in all. How much is left to borrow?

   $27,100
6. 6.

   Noah reads the Sato family's pretend plan: year 1 costs $18,200, year 2 costs $19,000. A grant pays $4,200 each year; the family pays $7,500 in all. How much is left to borrow?

   $21,300
7. 7.

   Pia compares ways to repay the Ward family's pretend loan of $10,000 at 4% simple interest a year: 3 years or 5 years. How much more interest does the longer plan cost?

   $800
8. 8.

   Ren compares ways to repay the Fischer family's pretend loan of $12,000 at 5% simple interest a year: 2 years or 6 years. How much more interest does the longer plan cost?

   $2,400
9. 9.

   Tala compares ways to repay the Imai family's pretend loan of $8,000 at 6% simple interest a year: 4 years or 10 years. How much more interest does the longer plan cost?

   $2,880
10. 10.

    Zee compares ways to repay the Yu family's pretend loan of $15,000 at 3% simple interest a year: 5 years or 8 years. How much more interest does the longer plan cost?

    $1,350