Grade 8 · Math

8th grade Loans: how the rate and the length change the total cost worksheet

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

Grade 8 Math Worksheet - Building Confidence

NameDate

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

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?
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?
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?
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?
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?
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?
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?
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?
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?
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?

8th grade Loans: how the rate and the length change the total cost worksheet – printable — Print: 1 2 3 4 5 6

About this worksheet

Loans: how the rate and the length change the total cost. Every version has 10 questions, and the answer key prints on the second page.

What your child will learn

I can find the total repaid and the cost of a loan from a payment table.
I can show how a longer loan or a higher rate makes a loan cost more, and pick the loan that costs less.
I can find the balance on a credit card at compound interest, and the fees on a short-term loan.

Standard: state-only

Words to know

loan: Money borrowed now and paid back later, with interest or fees.

cost of the loan: Everything repaid minus the amount borrowed.

simple interest: Interest on the amount borrowed only, the same every year.

compound interest: Interest on the new balance each time, so interest earns interest.

short-term loan: A small loan for two weeks, with a fee for each $100.

Common mistakes

Your child added the payment and the number of payments. Equal payments are multiplied: 24 payments of $275 is 24 × $275.

Your child gave only the interest. The total repaid (or the balance) also includes the amount borrowed.

Your child gave everything repaid when the question asked only for the extra cost (the interest or the fees).

Questions parents ask

What is the most common mistake with loans: how the rate and the length change the total cost?

Your child added the payment and the number of payments. Equal payments are multiplied: 24 payments of $275 is 24 × $275.

Are these 8th grade math worksheets free to print?

Yes. All 6 printable versions at each level are free to print, with the answer key, and no account is needed.

More grade 8 math

See all grade 8 math

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