Worksheet

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

Grade 8 Math Worksheet - Challenge Me

NameDate

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

  1. 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?

  2. 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?

  3. Ms. Shaw's pretend credit card statement shows $600 owed, with 2% compound interest a month. With no payments or new charges, what does Luz find is owed after 2 months, to the nearest cent?

  4. Mr. Cole's pretend credit card statement shows $850 owed, with 1.5% compound interest a month. With no payments or new charges, what does Milo find is owed after 2 months, to the nearest cent?

  5. 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?

  6. 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?

  7. 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?

  8. 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?

  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?

  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?

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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. 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

  2. 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

  3. Ms. Shaw's pretend credit card statement shows $600 owed, with 2% compound interest a month. With no payments or new charges, what does Luz find is owed after 2 months, to the nearest cent?

    $624.24

  4. Mr. Cole's pretend credit card statement shows $850 owed, with 1.5% compound interest a month. With no payments or new charges, what does Milo find is owed after 2 months, to the nearest cent?

    $875.69

  5. 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

  6. 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

  7. 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

  8. 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

  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. 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