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

Answer Key - Grade 8 Math Worksheet - Building Confidence

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

1. 1.

   Ari reads Ms. Frost's pretend loan table for a used car: $6,000 borrowed at compound interest, repaid in 24 monthly payments of $275. What is the total repaid?

   $6,600
2. 2.

   Bo reads Mr. Dunn's pretend loan table for a couch: $900 borrowed at compound interest, repaid in 12 monthly payments of $80. What is the total repaid?

   $960
3. 3.

   Esme reads Ms. Hale's pretend loan table for a piano: $2,400 borrowed at compound interest, repaid in 24 monthly payments of $110. What is the total repaid?

   $2,640
4. 4.

   Jun reads Mr. Cole's pretend loan table for a small boat: $3,000 borrowed at compound interest, repaid in 24 monthly payments of $135. What is the total repaid?

   $3,240
5. 5.

   Kira reads Mr. Grove's pretend loan table for a van: $8,000 borrowed at compound interest, repaid in 24 monthly payments of $360. How much does the loan cost beyond the $8,000?

   $640
6. 6.

   Milo reads Mr. Lane's pretend loan table for a truck: $12,000 borrowed at compound interest, repaid in 36 monthly payments of $380. How much does the loan cost beyond the $12,000?

   $1,680
7. 7.

   Noah reads Ms. Reyes's pretend loan table for a couch: $1,500 borrowed at compound interest, repaid in 24 monthly payments of $70. How much does the loan cost beyond the $1,500?

   $180
8. 8.

   Pia reads Mr. Dunn's pretend loan for a used van: $2,000 borrowed at 5% simple interest a year for 3 years. What is the total repaid?

   $2,300
9. 9.

   Ren reads Ms. Hale's pretend loan for a piano: $1,500 borrowed at 6% simple interest a year for 2 years. What is the total repaid?

   $1,680
10. 10.

    Tala reads Mr. Cole's pretend loan for a used car: $4,000 borrowed at 3% simple interest a year for 4 years. What is the total repaid?

    $4,480