TMR Simple and Compound Interest

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Janine opens a savings account with a deposit of $720. The account pays 3.4% interest, compounded daily. What is the first day's interest, rounded to the nearest cent?

$0.07

Kevin has x dollars in an account that pays 3.2% interest, compounded quarterly. Express his balance after one quarter.

x + .008x

Kevin has x dollars in an account that pays 2.2% interest, compounded quarterly. Express his balance after one quarter.

x + 0.055x

Nancy deposits $1200 into an account that pays 3% interest, compounded monthly. What is her ending balance after one year?

$1236.50

Regina deposits $3500 in a savings account that pays 7.5% interest, compounded semiannually. How much interest does she earn in the first six months?

$131.25

Marie deposits $1650 for three years at 3% interest, compounded daily. What is her interest?

$155.38

Marie deposits $1650 for three years at 3% interest, compounded daily. What is her ending balance?

$1805.38

Jackie invests $800 in an account that pays 5% annual interest, compounded monthly. Michael invests $600 in an account that pays 8% annual interest, compounded weekly. What is the value of the greater balance at the end of the 15 years?

$1990.23

Jerome deposits $3700 in a cd that pays 6.5% interest, compounded annually. How much interest does Jerome earn in one year?

$240.50

Kate deposits $2350 in an account that earns interest at a rate of 3.1%, compounded monthly. What is her ending balance after five years?

$2743.45

Pierre deposits $9000 in a cd that pays 8% interest, compounded semiannually. How much interest does Pierre earn in the first six months?

$360

Regina deposits $3500 in a savings account that pays 7.5% interest, compounded semiannually. What is her balance at the end of the first six months?

$3631.25

Regina deposits $3500 in a savings account that pays 7.5% interest, compounded semiannually. What is her balance at the end of the year?

$3767.42

Jerome deposits $3700 in a cd that pays 6.5% interest, compounded annually. What is Jerome's ending balance after one year?

$3940.50

Regina deposits $3500 in a savings account. How much more interest would Regina earn at 7.5% compounded semiannually than compounded annually, in one year?

$4.92

Sally deposits $4000 in a cd that pays 6.75% simple interest. What is her balance after one year?

$4270

Laura deposits $2000 in an account that has an annual interest rate of 3.96%, compounded monthly. How much interest will she earn at the end of 1 month?

$6.60

Jose opens a savings account with $800 at 3.87% interest, compounded quarterly. What is his ending balance after one year?

$831.41

Compound Interest Formula

A=P(1+r/n)^nt

Formula to calculate the ending balance on simple interest

A=p+prt

Using the compound interest formula, how could you edit the formula to find the interest instead of the ending balance?

I=P - (P(1+r/n)^nt

Simple Interest Formula

I=prt

How long does it take $450 to double at a simple interest rate of 14%?

approximately 7 years

How long will it take $10,000 to double at 11% simple interest?

approximately 9 years

In the compound interest formula, what does the B or A (depending on how you write it) represent?

ending balance or amount with interest included

In the compound interest formula, what letter represents the initial amount you invest?

p for principal

In the compound interest formula, what does r represent?

the interest rate as a decimal

In the compound interest formula, what does n represent?

the number of times the interest is compounded per year

In the compound interest formula, what does t represent?

the time in years for the investment

In the simple interest formula, what does I represent?

the total interest


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