Worksheet

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

Grade 8 Math Worksheet

NameDate

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

  1. Ari reads Mr. Lane's pretend loan for a used car: $7,500 borrowed at 4.5% simple interest a year for 3 years. What is the total repaid?

  2. Bo reads Ms. Shaw's pretend loan for a piano: $3,600 borrowed at 5.5% simple interest a year for 2 years. What is the total repaid?

  3. Ms. Reyes's pretend car loan offer is $5,000 at 6% simple interest a year, for 3 years or 5 years. How much more interest does Jun find for the 5-year loan?

  4. Ms. Frost's pretend couch loan offer is $2,500 at 8% simple interest a year, for 2 years or 4 years. How much more interest does Luz find for the 4-year loan?

  5. Ms. Shaw compares two pretend truck loans of $15,000 for 5 years, at 3% and at 5% simple interest a year. How much more interest does Pia find at 5%?

  6. Mr. Lane compares two pretend piano loans of $4,000 for 2 years, at 6% and at 9% simple interest a year. How much more interest does Ren find at 9%?

  7. Tala checks Ms. Hale's two pretend $5,000 car loans at simple interest. Loan A is 4% a year for 6 years; Loan B is 6% a year for 3 years. Which costs less to repay?

    • Loan A
    • Loan B
    • Both cost the same

  8. Zee checks Mr. Dunn's two pretend $8,000 truck loans at simple interest. Loan A is 5% a year for 3 years; Loan B is 3% a year for 4 years. Which costs less to repay?

    • Loan B
    • Both cost the same
    • Loan A

  9. Ari checks Ms. Reyes's two pretend $3,000 couch loans at simple interest. Loan A is 7% a year for 2 years; Loan B is 4% a year for 4 years. Which costs less to repay?

    • Loan B
    • Loan A
    • Both cost the same

  10. Bo checks Mr. Cole's two pretend $6,000 van loans at simple interest. Loan A is 8% a year for 2 years; Loan B is 5% a year for 3 years. Which costs less to repay?

    • Loan A
    • Loan B
    • Both cost the same
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Loans: how the rate and the length change the total cost

Answer Key - Grade 8 Math Worksheet

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

  1. Ari reads Mr. Lane's pretend loan for a used car: $7,500 borrowed at 4.5% simple interest a year for 3 years. What is the total repaid?

    $8,512.50

  2. Bo reads Ms. Shaw's pretend loan for a piano: $3,600 borrowed at 5.5% simple interest a year for 2 years. What is the total repaid?

    $3,996

  3. Ms. Reyes's pretend car loan offer is $5,000 at 6% simple interest a year, for 3 years or 5 years. How much more interest does Jun find for the 5-year loan?

    $600

  4. Ms. Frost's pretend couch loan offer is $2,500 at 8% simple interest a year, for 2 years or 4 years. How much more interest does Luz find for the 4-year loan?

    $400

  5. Ms. Shaw compares two pretend truck loans of $15,000 for 5 years, at 3% and at 5% simple interest a year. How much more interest does Pia find at 5%?

    $1,500

  6. Mr. Lane compares two pretend piano loans of $4,000 for 2 years, at 6% and at 9% simple interest a year. How much more interest does Ren find at 9%?

    $240

  7. Tala checks Ms. Hale's two pretend $5,000 car loans at simple interest. Loan A is 4% a year for 6 years; Loan B is 6% a year for 3 years. Which costs less to repay?

    • Loan A
    • Loan B
    • Both cost the same

  8. Zee checks Mr. Dunn's two pretend $8,000 truck loans at simple interest. Loan A is 5% a year for 3 years; Loan B is 3% a year for 4 years. Which costs less to repay?

    • Loan B
    • Both cost the same
    • Loan A

  9. Ari checks Ms. Reyes's two pretend $3,000 couch loans at simple interest. Loan A is 7% a year for 2 years; Loan B is 4% a year for 4 years. Which costs less to repay?

    • Loan B
    • Loan A
    • Both cost the same

  10. Bo checks Mr. Cole's two pretend $6,000 van loans at simple interest. Loan A is 8% a year for 2 years; Loan B is 5% a year for 3 years. Which costs less to repay?

    • Loan A
    • Loan B
    • Both cost the same