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

6 printable versionsBuilding Confidence10 questions · answer keyFree · no account

Level: Building Confidence · On Level · Challenge Me

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

Grade 8 Math Worksheet - Building Confidence

NameDate

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

  1. Read this first

    Growth table

    YearBalance
    0$600
    1$630
    2$660
    3$690

  2. Ari reads the table for Mr. Dunn's pretend savings account. It earns simple interest and gets no deposits. What will its balance be in year 10?

  3. Bo reads the table for the class trip fund. It earns simple interest and gets no deposits. What will its balance be in year 8?

  4. Esme reads the table for Ms. Reyes's pretend savings account. It earns simple interest and gets no deposits. What will its balance be in year 12?

  5. Jun reads the table for the class garden fund. It earns simple interest and gets no deposits. What will its balance be in year 20?

  6. Kira compares two pretend accounts that each start with $500 and get no deposits. One earns simple interest and the other earns compound interest. Which account earns simple interest?

    • Both: each balance rises from year to year
    • Account A: its balance rises by the same amount each year
    • Account B: its balance rises by a bit more than before each year

  7. Luz compares two pretend accounts that each start with $800 and get no deposits. One earns simple interest and the other earns compound interest. Which account earns simple interest?

    • Account B: its balance rises by the same amount each year
    • Neither: both balances rise from year to year
    • Account A: its balance rises by a bit more than before each year

  8. Milo compares two pretend accounts that each start with $1,000 and get no deposits. One earns simple interest and the other earns compound interest. Which account earns simple interest?

    • Account B: its balance rises by the same amount each year
    • Account A: its balance rises by a bit more than before each year
    • Both: each balance rises from year to year

  9. Noah compares two pretend accounts that each start with $400 and get no deposits. One earns simple interest and the other earns compound interest. Which account earns simple interest?

    • Account B: its balance rises by a bit more each year
    • Account A: its balance rises by the same amount each year
    • Neither: both balances rise from year to year

  10. Pia reads about Ms. Hale's pretend account. It holds $500 and earns 10% compound interest a year, with no deposits. What is the balance after 2 years?

  11. Ren reads about the class trip fund. It holds $200 and earns 20% compound interest a year, with no deposits. What is the balance after 2 years?

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

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.

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.

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