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## Compound Interest - Sample Math Practice Problems

The math problems below can be generated by MathScore.com, a math practice program for schools and individual families. References to complexity and mode refer to the overall difficulty of the problems as they appear in the main program. In the main program, all problems are automatically graded and the difficulty adapts dynamically based on performance. Answers to these sample questions appear at the bottom of the page. This page does not grade your responses.

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### Complexity=20

Answer the following questions involving compound interest. Input all answers to the nearest dollar

 1 Interest Rate: 4% annually Starting Balance: \$105Time Passed: 11 years How much interest has accrued if calculated as compound interest? What is the new total balance?   Interest:   Total balance: 2 Interest Rate: 4% annually Starting Balance: \$186Time Passed: 4 years How much interest has accrued if calculated as compound interest? What is the new total balance?   Interest:   Total balance:

### Complexity=50

Answer the following questions involving compound interest. Input all answers to the nearest dollar

 1 Interest Rate: 1% annually Starting Balance: \$280Time Passed: 6 years How much interest has accrued if calculated as compound interest? What is the new total balance?   Interest:   Total balance: 2 Interest Rate: 3% weekly Starting Balance: \$334Time Passed: 14 weeks How much interest has accrued if calculated as compound interest? What is the new total balance?   Interest:   Total balance:

### Complexity=100

Answer the following questions involving compound interest. Input all answers to the nearest dollar

 1 Interest Rate: 9% annually Starting Balance: \$454Time Passed: 11 years How much interest has accrued if calculated as compound interest? What is the new total balance?   Interest:   Total balance: 2 Interest Rate: 4% daily Starting Balance: \$461Time Passed: 9 days How much interest has accrued if calculated as compound interest? What is the new total balance?   Interest:   Total balance:

### Complexity=20

Answer the following questions involving compound interest. Input all answers to the nearest dollar

1Interest Rate: 4% annually
Starting Balance: \$105
Time Passed: 11 years
How much interest has accrued if calculated as compound interest?
What is the new total balance?

Interest:
Total balance:
Solution
Compound Interest: Total Balance = P(1 + R)T
P = principle = starting balance = \$105
R = interest rate = 4%
T = time = 11 years
Total balance = principle × (1 + interest rate)time = 105 × (1 + (4 / 100))11 = \$162
Interest accrued = total balance - starting balance = \$162 - \$105 = \$57
2Interest Rate: 4% annually
Starting Balance: \$186
Time Passed: 4 years
How much interest has accrued if calculated as compound interest?
What is the new total balance?

Interest:
Total balance:
Solution
Compound Interest: Total Balance = P(1 + R)T
P = principle = starting balance = \$186
R = interest rate = 4%
T = time = 4 years
Total balance = principle × (1 + interest rate)time = 186 × (1 + (4 / 100))4 = \$218
Interest accrued = total balance - starting balance = \$218 - \$186 = \$32

### Complexity=50

Answer the following questions involving compound interest. Input all answers to the nearest dollar

1Interest Rate: 1% annually
Starting Balance: \$280
Time Passed: 6 years
How much interest has accrued if calculated as compound interest?
What is the new total balance?

Interest:
Total balance:
Solution
Compound Interest: Total Balance = P(1 + R)T
P = principle = starting balance = \$280
R = interest rate = 1%
T = time = 6 years
Total balance = principle × (1 + interest rate)time = 280 × (1 + (1 / 100))6 = \$297
Interest accrued = total balance - starting balance = \$297 - \$280 = \$17
2Interest Rate: 3% weekly
Starting Balance: \$334
Time Passed: 14 weeks
How much interest has accrued if calculated as compound interest?
What is the new total balance?

Interest:
Total balance:
Solution
Compound Interest: Total Balance = P(1 + R)T
P = principle = starting balance = \$334
R = interest rate = 3%
T = time = 14 years
Total balance = principle × (1 + interest rate)time = 334 × (1 + (3 / 100))14 = \$505
Interest accrued = total balance - starting balance = \$505 - \$334 = \$171

### Complexity=100

Answer the following questions involving compound interest. Input all answers to the nearest dollar

1Interest Rate: 9% annually
Starting Balance: \$454
Time Passed: 11 years
How much interest has accrued if calculated as compound interest?
What is the new total balance?

Interest:
Total balance:
Solution
Compound Interest: Total Balance = P(1 + R)T
P = principle = starting balance = \$454
R = interest rate = 9%
T = time = 11 years
Total balance = principle × (1 + interest rate)time = 454 × (1 + (9 / 100))11 = \$1172
Interest accrued = total balance - starting balance = \$1172 - \$454 = \$718
2Interest Rate: 4% daily
Starting Balance: \$461
Time Passed: 9 days
How much interest has accrued if calculated as compound interest?
What is the new total balance?

Interest:
Total balance:
Solution
Compound Interest: Total Balance = P(1 + R)T
P = principle = starting balance = \$461
R = interest rate = 4%
T = time = 9 years
Total balance = principle × (1 + interest rate)time = 461 × (1 + (4 / 100))9 = \$656
Interest accrued = total balance - starting balance = \$656 - \$461 = \$195   