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Grades 6, 7 and 8 - Math - Middle School - Consumer Math (Calculating Compound Interest to the Penny)
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"Interest" is the amount of extra money you earn or you have to pay back.

The Compound Interest formula that will be used is: A = P(1 + r)t.

A = The amount of money (including the accrued interest) after __ years/months or the compound amount.
P = The principal saved or owed.
r = The interest rate earned per year
t = The time period of the loan or amount saved (notice that the time is put into the “power” position)

Grades 6, 7 and 8 - Math - Middle School - Consumer Math (Calculating Compound Interest to the Penny)
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10 Questions

1. Mabel has a retirement account with $49,000.00. 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?
2. Travis opened up a Christmas savings account and put in $1,500.00. 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?
3. 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?
4. 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?
5. 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?
6. 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?
7. 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?
8. 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?
9. 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?
10. 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?

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