Unit 3 Test Review 8th grade

Over two years, how much more will a savings account with a simple interest rate of 4.2% yield in earnings than a savings account with a simple interest rate of 3.5% if the original balance of both accounts is $2,200?

$30.80

Mr. Fitch needs to get a loan to replace the air-conditioning system in his home. The cost of the replacement, including installation, is $4,348.00. He can apply for a 5-year loan or a 3-year loan. Both loans involve simple interest with an annual interest rate of 6.5%. If Mr. Fitch applies for the 5-year loan, how much more will he pay in interest than with the 3-year loan?

$565.24

Damon's father started a college fund on Damon's 8th birthday. He deposited $7,500 into a CD (certificate of deposit) that yields an interest rate of 0.23% compounded annually. How much money will the CD be worth when Damon turns 18 years old?

$7,674.30

Laura is a chemist working with liquids and solutions. She has two large cylindrical barrels that can hold up to 2,000 liters each. The first barrel contains 900 liters of solution, and the second barrel contains 100 liters of solution. Laura begins draining the first barrel at a rate of 36 liters per minute at the same time she begins filling the second barrel. Laura fills the second barrel with 44 liters of solution every minute. Write an inequality that represents the seconds when the second barrel contains a greater or equal amount of solution than the first barrel.

-36s + 900 ≤ 44s + 100

Solve for x. 6x + 1 = -27 - x

-4

Solve for x. 7x - 4 = 10x + 14

-6

Solve for x. 15x - 8 = 14x + 13

21

Charles and Victor went to a comic store and purchased some comic books. Charles purchased c comic books for $12.50 each and then spent $25.00 on a comic book portfolio. Victor sold a vintage comic book to the store for $95.00 and then purchased c more comic books for $22.50 each. How many comic books, c, would each boy purchase if Charles' total amount due is greater than or equal to Victor's total? Write an inequality to solve this problem.

25 + 12.50c ≥ 22.50c - 95

Eddie compared prices of two auto-rental agencies for the use of a mid-size auto for one week. Right Price Auto charged a flat fee of $386 plus 20¢ per mile driven. EconoCar charged a flat fee of $344 plus 35¢ per mile driven. Write an equation that he could use to determine the distance in miles that would make the total charges of both auto-rental agencies equal.

386 + .20m = 344 + .35m

Tricia and Melanie are both saving money for their summer vacations. They began saving at the same time. Tricia started with $10.25 and adds $5.15 to her savings every month. Melanie did not have a starting amount but adds $10.25 to her savings every month. Write an equation that could be used to determine how many months it will take before Tricia and Melanie both have saved the same amount of money.

5.15m + 10.25 = 10.25m

Mark's mother is planning to borrow $25,000 to remodel the restaurant she owns. She contacted several loan companies, and she is comparing two different options. • Company 1 offers an interest rate of 5.25%. • Company 2 offers an interest rate of 8.5%.

Both loan options involve simple interest and must be repaid in exactly 3 years. How much more will Mark's mother pay in interest if she chooses to borrow the money from Company 2? $2,437.50

Mike wants to borrow $11,500 for home improvements. He was considering a 3-year loan option represented by A = 11,500(1 + 0.029)3 or a 2-year loan option represented by A = 11,500(1 + 0.043)2 where A in both equations represents the total cost of repaying the loan. Which loan option should Mike choose in order to repay the least amount of money?

The 3-year loan total repay amount is $12,529.79 and the 2-year loan total repay amount is $12,510.26. Mike should choose the 2-year loan because he will repay less money