Interest

Practice Questions

SAT Math › Interest

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1

Andrew received for his fifteenth birthday. He invested some of the money in an investment account and some of the money in a savings account. Both accounts accrue simple interest. The investment account has an interest of , while the savings account has an interest rate of .

At the end of the year, Andrew earned a total of in interest. How much money did he put in each account?

2

Andrew received for his fifteenth birthday. He invested some of the money in an investment account and some of the money in a savings account. Both accounts accrue simple interest. The investment account has an interest of , while the savings account has an interest rate of .

At the end of the year, Andrew earned a total of in interest. How much money did he put in each account?

3

Peter wanted to buy a car and borrowed $2,500 from the bank at 5% simple interest per year. He was able to pay back the loan in one lump sum at six months. What was the total amount he paid the bank?

4

Peter wanted to buy a car and borrowed $2,500 from the bank at 5% simple interest per year. He was able to pay back the loan in one lump sum at six months. What was the total amount he paid the bank?

5

You really want to buy a car that costs $15,000 but you only have $5,000 saved. Rather than getting a bank loan, your parents offer to lend you the extra money but will require you to pay them back with 4.3% interest. How much will car cost in total after you have paid your parents back?

6

You really want to buy a car that costs $15,000 but you only have $5,000 saved. Rather than getting a bank loan, your parents offer to lend you the extra money but will require you to pay them back with 4.3% interest. How much will car cost in total after you have paid your parents back?

7

Ted works over the summer and makes $9 per hour. He works for 20 hours each week for 10 weeks. After paying 10% in taxes, he buys a bike for $500 and puts the rest of his money in the bank.

If Ted's bank pays 5% interest on the total sum once per year, and Ted doesn't add or remove anything from the account, how much money (rounded to the nearest cent) will Ted have in 5 years?

8

Ted works over the summer and makes $9 per hour. He works for 20 hours each week for 10 weeks. After paying 10% in taxes, he buys a bike for $500 and puts the rest of his money in the bank.

If Ted's bank pays 5% interest on the total sum once per year, and Ted doesn't add or remove anything from the account, how much money (rounded to the nearest cent) will Ted have in 5 years?

9

I have $100 in my bank. After one year, I have withdrawn a total of $20 and I still have $85 in the bank. What is the yearly interest rate of my bank account?

10

I have $100 in my bank. After one year, I have withdrawn a total of $20 and I still have $85 in the bank. What is the yearly interest rate of my bank account?

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