Ways to pay, and the costs and benefits of a choice

Answer Key - Grade 8 Math Worksheet - Challenge Me

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

1. 1.

   Mr. Grove carries a $500 pretend card balance for 3 months at 2% compound interest a month, with no payments. To the nearest cent, how much more than $500 does Esme find is owed?

   $30.60
2. 2.

   Ms. Shaw carries an $800 pretend card balance for 3 months at 1.5% compound interest a month, with no payments. To the nearest cent, how much more than $800 does Jun find is owed?

   $36.54
3. 3.

   Mr. Lane carries a $350 pretend card balance for 3 months at 1.8% compound interest a month, with no payments. To the nearest cent, how much more than $350 does Kira find is owed?

   $19.24
4. 4.

   Mr. Dunn's pretend card balance is $900, at 1.5% compound interest a month. Each month interest is added, then $200 is paid. To the nearest cent, what does Milo find is owed after 2 months?

   $524.20
5. 5.

   Ms. Frost's pretend card balance is $450, at 1.8% compound interest a month. Each month interest is added, then $100 is paid. To the nearest cent, what does Noah find is owed after 2 months?

   $264.55
6. 6.

   Ms. Hale's pretend card gives 1.5% cash back on $650 of spending a month and has a $95 yearly fee. The bill is paid in full monthly. What yearly benefit does Ren find?

   $22
7. 7.

   Mr. Grove's pretend card gives 3% cash back on $300 of spending a month and has a $60 yearly fee. The bill is paid in full monthly. What yearly benefit does Tala find?

   $48
8. 8.

   Ms. Reyes buys a $600 couch: 1% off for cash, or a card with 2% cash back, paid in full or carried 2 months at 2% compound interest. Which costs least, as Zee finds?

   • Card paid in full
   • Cash
   • Card carried 2 months
9. 9.

   Mr. Dunn buys an $800 bed: 4% off for cash, or a card with 2% cash back, paid in full or carried 2 months at 1.5% compound interest. Which costs least, as Ari finds?

   • Card paid in full
   • Card carried 2 months
   • Cash
10. 10.

    Ms. Shaw buys a $500 guitar: 1% off for cash, or a card with 3% cash back, paid in full or carried 2 months at 2% compound interest. Which costs least, as Bo finds?

    • Card paid in full
    • Card carried 2 months
    • Cash