Loans: how the rate and the length change the total cost

Answer Key - Grade 8 Math Worksheet - Challenge Me

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

1. 1.

   Mr. Lane's pretend used car loan has two compound-interest payment plans: A is 36 payments of $310; B is 60 payments of $205. How much more does Esme find Plan B costs in all?

   $1,140
2. 2.

   Ms. Reyes's pretend couch loan has two compound-interest payment plans: A is 12 payments of $96; B is 24 payments of $51. How much more does Jun find Plan B costs in all?

   $72
3. 3.

   Mr. Grove's pretend truck loan has two compound-interest payment plans: A is 48 payments of $420; B is 72 payments of $300. How much more does Kira find Plan B costs in all?

   $1,440
4. 4.

   Ms. Frost's pretend credit card statement shows $940 owed, with 1.8% compound interest a month. With no payments or new charges, what does Noah find is owed after 2 months, to the nearest cent?

   $974.14
5. 5.

   Mr. Dunn's pretend short-term loan is $400, with a simple fee of $14 per $100 borrowed every two weeks. It is renewed for 3 two-week periods. What fees does Pia find in all?

   $168
6. 6.

   Ms. Hale's pretend short-term loan is $300, with a simple fee of $18 per $100 borrowed every two weeks. It is renewed for 4 two-week periods. What fees does Ren find in all?

   $216
7. 7.

   Mr. Grove's pretend short-term loan is $500, with a simple fee of $12 per $100 borrowed every two weeks. It is renewed for 2 two-week periods. What fees does Tala find in all?

   $120
8. 8.

   Ms. Reyes borrowed $4,000 at simple interest and repaid $4,600 in all after 3 years. What yearly interest rate, as a percent, does Zee find?

   5
9. 9.

   Mr. Lane borrowed $2,500 at simple interest and repaid $3,100 in all after 4 years. What yearly interest rate, as a percent, does Ari find?

   6
10. 10.

    Ms. Shaw borrowed $8,000 at simple interest and repaid $9,200 in all after 5 years. What yearly interest rate, as a percent, does Bo find?

    3