SBI-Percent of Change-Interest Flashcards
Interest: Amount earned or paid for the use of money.
Principal: Amount of money borrowed or deposited.
Simple interest: Interest earned or paid on the principal.
Annual interest rate: Percent of the principal earned or paid per year.
Balance: Sum of the interest and the principal.
Alesha’s parents give her $200 in allowance money each year. At the end of the year, Alesha saved 20% of her allowance money to buy a gift for her parent’s anniversary. How much allowance money did she save at the end of the year?
Jen’s grandmother gives her a weekly allowance. Her grandmother increased her weekly allowance by 10% from last year. If she was getting $15 per week last year, how much will she get paid per week this year?
Anna deposits $700 in a savings account at the beginning of the year. The simple annual interest rate for the savings account is 5%. What will be the balance in Anna’s account at the end of the year?
Keisha’s parents lend Keisha $200 so she can buy a hoverboard. They charge Keisha 3% simple annual interest. What will be the total amount that Keisha will owe her parents in one year?
Jessica puts $1,200 in a bank account that earns 5% simple interest. What will be the total amount that Jessica will have in her bank account after one year?
You deposit $500 into a 6-month certificate of deposit. After 6 months, the balance is $510. Find the simple annual interest rate.
You put $800 into a certificate of deposit. Your simple annual interest rate is 5%. You receive a check for the interest at the end of each year. How long will it take to earn $200 in interest?
Mai-Ka had been saving up to buy a new long board. By the time summer came around, she was still $124 short. Her parents gave her a loan so she could buy the long board, but they charged her 4% simple annual interest. How much will Mai-Ka owe her parents after one year?
Adaeze and her friend Aziza are each saving up to buy a $3,000 car. Aziza has $2,500 in an account that earns 7% simple annual interest, and Adaeze has $2,700 in an account that earns 5% simple annual interest. Who will be able to purchase her car first?
You deposit $600 into a certificate of deposit. After 1 year the balance is $630. Find the simple annual interest rate.
