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Unit 1 quizTeks: 8.12

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Jose has $5000 in a bank account earning simple interest rate of 2.3% per year. Walter has $5000 in a bank earning interest at a rate of 2.3% compound interest annually. How much interest did each account earn over 15 years?

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Joey makes a deposit of $1500 to the bank each year. There is a 4% simple interest rate. How much money does Joey make in the first year?

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Kwame and Karen each deposited $2,000 in savings accounts. Kwame’s bank pays 3.1% simple interest. Karen’s bank pays 2.7% interest compounded annually. What is the difference in these two accounts?

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