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    Homework 2.8

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    Pooja Sharma
    The document discusses simple interest and compound interest concepts through examples of bank accounts, loans, investments and savings. It contains 7 practice questions about calculating simple and compound interest over various time periods for different principal amounts and interest rates.

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    Homework 2.8

    Uploaded by

    Pooja Sharma
    10 views1 page
    The document discusses simple interest and compound interest concepts through examples of bank accounts, loans, investments and savings. It contains 7 practice questions about calculating simple and compound interest over various time periods for different principal amounts and interest rates.

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    2.8

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    Homework_2.8

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    The document discusses simple interest and compound interest concepts through examples of bank accounts, loans, investments and savings. It contains 7 practice questions about calculating simple and compound interest over various time periods for different principal amounts and interest rates.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    10 views1 page

    Homework 2.8

    Uploaded by

    Pooja Sharma
    The document discusses simple interest and compound interest concepts through examples of bank accounts, loans, investments and savings. It contains 7 practice questions about calculating simple and compound interest over various time periods for different principal amounts and interest rates.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    2.

    8 Simple interest and compound interest


    Homework
    1 A bank pays 8% simple interest on the money that each saver keeps in a savings account for a
    year. Miss Pettica puts $2000 in this account for three years. How much will she have in her
    account after:
    a 1 year b 2 years c 3 years?
    2 Zena takes out a loan for $2500 for four months. The rate of simple interest is 1.5% per month.
    How much interest will Zena pay?
    3 Daniel has savings of $4000. The rate of simple interest is 7% per year.
    His savings are now worth $4840.
    How many years has he had the savings?
    4 $2300 is invested for four years at 5% compound interest.
    a How much interest is earned after four years?
    b How much is the investment now worth?
    5 Reuben has $5000 to invest in a savings account for five years.
    He is considering two accounts: one pays 4% simple interest per year and the other pays
    3.75% compound interest a year.
    Which account should he put his money in? Explain your answer.
    6 Marion has a loan of $30 000 and pays 1.4% compound interest per month for five months.
    a How much interest does she pay?
    b Would she have paid more or less if she had paid 1.6% simple interest for five months?
    7 The table shows the amount of interest paid on savings of $7000.

    Number of 1 2 3 4
    years
    Interest ($) 420 865 1337 1837

    a Is this simple interest or compound interest?


    b What is the rate of interest per year?

    Cambridge IGCSE™ Maths Teacher’s Guide © HarperCollinsPublishers Ltd 2023

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