Tyler has $14.79 in his sock bank. His parents will pay him 50% interest, compounded, if he doesn’t touch the sock for 1 month. How much compound interest will accrue over 1 month and what will be the full amount that Tyler will get for not touching the money in his sock?
  • Compound Interest Earned: $7.38; Amount in Savings: $22.17
  • Compound Interest Earned: $7.39; Amount in Savings: $22.18
  • Compound Interest Earned: $7.40; Amount in Savings: $22.19
  • Compound Interest Earned: $7.41; Amount in Savings: $22.20
The newly engaged couple took out a loan to pay for their wedding and honeymoon. They borrowed $15,000.00 at 3% and will pay it back in 2 years. How much compound interest will accrue over 2 years and what will be the full amount that the couple will have to pay back?
  • Compound Interest Accrued: $913.50; Full Amount to Pay-Off Loan: $15,913.50
  • Compound Interest Accrued: $943.50; Full Amount to Pay-Off Loan: $15,943.50
  • Compound Interest Accrued: $983.50; Full Amount to Pay-Off Loan: $15,983.50
  • Compound Interest Accrued: $993.50; Full Amount to Pay-Off Loan: $15,993.50
The public aquatic center took out a 4 year loan in the amount of $50,000.00 to buy all equipment. The loan is earning 2.97% interest, compounded annually. How much compound interest will accrue over 4 years and what will be the full amount that the public aquatic center will have to pay back?
  • Compound Interest Accrued: $5,909.90; Full Amount to Pay-Off Loan: $55,909.90
  • Compound Interest Accrued: $6,009.90; Full Amount to Pay-Off Loan: $56,009.90
  • Compound Interest Accrued: $6,109.90; Full Amount to Pay-Off Loan: $56,109.90
  • Compound Interest Accrued: $6,209.90; Full Amount to Pay-Off Loan: $56,209.90
Billy’s parents opened up a savings account for him when he was born. They put $2,000.00 into the account where it has been earning 6% interest, compounded annually, for 12 years. How much compound interest has the account earned/accrued and what amount should be in the account now?
  • Compound Interest Earned: $2,324.39; Amount in Savings: $4,324.39
  • Compound Interest Earned: $2,224.39; Amount in Savings: $4,224.39
  • Compound Interest Earned: $2,124.39; Amount in Savings: $4,124.39
  • Compound Interest Earned: $2,024.39; Amount in Savings: $4,024.39
Brett has $11,500 in his savings account that is earning 6.5% interest, compounded annually. How much compound interest will he earn in 5 years and what will be the new amount of his savings account?
  • Compound Interest Accrued: $4,256.00; Full Amount in Savings: $15,756.00
  • Compound Interest Accrued: $4,056.00; Full Amount in Savings: $15,556.00
  • Compound Interest Accrued: $3,856.00; Full Amount in Savings: $15,356.00
  • Compound Interest Accrued: $3,556.00; Full Amount in Savings: $15,056.00
Mabel has a retirement account with $49,000. It is earning 4.32% interest, compounded annually. If she doesn’t touch her account for 7 years, how much compound interest will it earn and what will be the new balance of her retirement account?
  • Compound Interest Earned: $15,882.34; Amount in Savings: $64,882.34
  • Compound Interest Earned: $14,882.34; Amount in Savings: $63,882.34
  • Compound Interest Earned: $16,882.34; Amount in Savings: $65,882.34
  • Compound Interest Earned: $18,882.34; Amount in Savings: $67,882.34
Travis opened up a Christmas savings account and put in $1,500. The account will earn 16.4% interest, compounded annually. How much compound interest to the nearest rounded penny will he earn in 1 year and what will be the new amount of his Christmas savings account?
  • Compound Interest Earned: $546.00; Amount in Savings: $2,046.00
  • Compound Interest Earned: $446.00; Amount in Savings: $1,946.00
  • Compound Interest Earned: $344.00; Amount in Savings: $1,846.00
  • Compound Interest Earned: $246.00; Amount in Savings: $1,746.00
Zachery took out a personal loan of $4,000.00 at an interest rate of 9%, compounded annually. He will pay the full amount back in 3 years. What will be the full amount of money Zachery will have to pay back and how much of that will be the compound interest?
  • Compound Interest Accrued: $1,080.12; Full Amount to Pay-Off Loan: $5,080.12
  • Compound Interest Accrued: $1,008.12; Full Amount to Pay-Off Loan: $5,008.12
  • Compound Interest Accrued: $1,180.12; Full Amount to Pay-Off Loan: $5,180.12
  • Compound Interest Accrued: $1,260.12; Full Amount to Pay-Off Loan: $5,260.12
The Fuller Law Firm has $2,600,000.00 in the bank which is earning 8.75% interest, compounded annually. If the firm does not touch this account, how much compound interest will it earn in 3 years and what will be the new amount of this bank account?
  • Compound Interest Earned: $763,960.30; Amount in Savings: $3,363,960.30
  • Compound Interest Earned: $743,960.30; Amount in Savings: $3,343,960.30
  • Compound Interest Earned: $703,960.30; Amount in Savings: $3,303,960.30
  • Compound Interest Earned: $963,960.30; Amount in Savings: $3,563,960.30
Jamison deposited $645.00 into a savings account that is earning 3.9% interest, compounded annually. How much compound interest to the nearest rounded penny will he earn in 2 years and what will be the new amount of his savings?
  • Compound Interest Earned: $50.29; Amount in Savings: $695.29
  • Compound Interest Earned: $51.29; Amount in Savings: $696.29
  • Compound Interest Earned: $52.29; Amount in Savings: $697.29
  • Compound Interest Earned: $53.29; Amount in Savings: $698.29
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