Grade 8 · Math

8th grade How saving a little each month grows: simple and compound interest worksheet

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How saving a little each month grows: simple and compound interest

Grade 8 Math Worksheet

NameDate

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

Read this first
Growth table
Year Balance
0 $1,000
1 $1,100
2 $1,210
Ari reads the table for Ms. Frost's pretend account. It earns the same percent each year and gets no deposits. If the pattern continues, what will its balance be in year 4?
Bo reads the table for the class trip fund. It earns the same percent each year and gets no deposits. If the pattern continues, what will its balance be in year 4?
Esme reads the table for Mr. Cole's pretend account. It earns the same percent each year and gets no deposits. If the pattern continues, what will its balance be in year 4?
Jun reads the table for the class garden fund. It earns the same percent each year and gets no deposits. If the pattern continues, what will its balance be in year 4?
Kira watches two pretend accounts that each start with $1,200 and get no deposits. One earns 10% simple interest, the other 10% compound. After 3 years, how much more is in the compound account?
Milo watches two pretend accounts that each start with $900 and get no deposits. One earns 10% simple interest, the other 10% compound. After 3 years, how much more is in the compound account?
Pia watches the class trip fund. It holds $800 and earns 10% simple interest a year, with no deposits. In how many years will it hold $1,360?
Growth table, balances rounded to the dollar
Plan Monthly deposit Years Total deposited Balance at the end
X $20 30 $7,200 ≈ $20,191
Y $60 10 $7,200 ≈ $9,882
Tala reads two pretend retirement plans for Ms. Frost, both at 6% a year, compounded monthly. Both deposit the same total. How much more interest does Plan X earn than Plan Y?
Zee reads two pretend college funds for Mr. Dunn, both at 5% a year, compounded monthly. Both deposit the same total. How much more interest does Plan X earn than Plan Y?
Ari reads two pretend retirement plans for Ms. Shaw, both at 4% a year, compounded monthly. Both deposit the same total. How much more interest does Plan X earn than Plan Y?

Year	Balance
0	$1,000
1	$1,100
2	$1,210

Plan	Monthly deposit	Years	Total deposited	Balance at the end
X	$20	30	$7,200	≈ $20,191
Y	$60	10	$7,200	≈ $9,882

8th grade How saving a little each month grows: simple and compound interest worksheet – printable — Print: 1 2 3 4 5 6

About this worksheet

How saving a little each month grows: simple and compound interest. Every version has 10 questions, and the answer key prints on the second page.

What your child will learn

I can use a balance table to find the starting amount and the yearly gain of a simple-interest account, and predict a later balance.
I can tell a simple-interest table (equal gains) from a compound-interest table (growing gains), and extend a table whose balance is multiplied by the same number each year.
I can compare simple and compound interest for the same amount and say which account has more, and by how much.
I can read a table of monthly saving plans and reason about the interest in it, without calculating the balances myself.

Standard: state-only

Words to know

deposit: Money put into the account.

balance: All the money in the account now.

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

compound interest: Interest on everything in the account, so interest earns interest.

growth table: A table of the balance in each year.

Common mistakes

Treated the balance as if it grows in proportion to the years, so ten years means ten times as much as one year. With simple interest the account already holds its starting amount and adds the same dollars each year.

Found the yearly gain times the years but left out the amount the account started with.

Started from the year 3 balance but added the gain for all the years, not only the years after year 3.

What to say

Ask: what does it start with, and what does it add each year?

Ask: what was in the account in year 0, and does the balance still include it?

Ask: how many years have already been counted in the last row of the table?

Questions parents ask

What is the most common mistake with how saving a little each month grows: simple and compound interest?

How can I help my child with how saving a little each month grows: simple and compound interest?

Ask: what does it start with, and what does it add each year?

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

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