Interest

Name:_____________ Interest Worksheet © mathkinz

Date:______________

Score:______________

1)  Andy puts $200 in a bank. Bank pays 5% interest per year. How much money he gets after a year? Andy gets = $210
2)  Bob puts $700 in a bank. Bank pays 4% interest per year. How much money he gets after 3 year? Bob gets = $784
3)  Johnny puts $400 in a bank. Bank pays 5% interest per year. How much money he gets after 2 year? Johnny gets = $440
4)  Sam puts $500 in a bank. Bank pays 4% interest per year. How much money he gets after 2 years? Sam gets = $540

Hint **
When you deposit money in bank, bank pays interest.
When you borrow money from credit card or bank you pay interest on it.
For example you deposited $400 in bank.
Bank pays 4% per year interest. If I take my money out from bank after 1 year I will get $400 + 4% of $400 = $400 + $16
= $416
If I take my money out from bank after 2 years I will get $400 + 4% of $400 + 4% of $400 = $400 + $16 + $16
= $432 (Simple Interest)
But bank pays compound interest ... find out what compound interest is?

1) Andy puts $200 in a bank. Bank pays 5% interest per year. How much money he gets after a year?	Andy gets = $210
2) Bob puts $700 in a bank. Bank pays 4% interest per year. How much money he gets after 3 year?	Bob gets = $784
3) Johnny puts $400 in a bank. Bank pays 5% interest per year. How much money he gets after 2 year?	Johnny gets = $440
4) Sam puts $500 in a bank. Bank pays 4% interest per year. How much money he gets after 2 years?	Sam gets = $540