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.

   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
2. 2.

   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
3. 3.

   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
4. 4.

   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
5. 5.

   Luz reads Ms. Shaw's pretend loan table for a TV: $1,200 borrowed at compound interest, repaid in 12 monthly payments of $108. How much does the loan cost beyond the $1,200?

   $96
6. 6.

   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
7. 7.

   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
8. 8.

   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
9. 9.

   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
10. 10.

    Zee reads Ms. Frost's pretend loan for a bike: $800 borrowed at 4% simple interest a year for 2 years. What is the total repaid?

    $864