# Get Lesson 8 Homework Practice Financial Literacy Answer Key

NAME DATE PERIOD Lesson 8 Homework Practice Financial Literacy Find the simple interest earned to the nearest cent for each principal interest rate and time. 1. 750 7 3 years 2. 1 200 3. 5 2 years 3. 450 5 4 months 4. 1 000 2 9 months 5. 530 6 1 year 6. 600 8 1 month 7. 668 5 2 years 10. 500 12 18 months 8. 720 4. 25 3 months 11. 300 9 3 years 9. 2 500 6. 9 6 months 12. 2 000 20 1 year 13. ELECTRONICS Rita charged 126 for a DVD player at an interest rate of 15. 9. How much will Rita have to pay after 2 months if she makes no payments 14. VACATION The average cost for a vacation is 1 050. If a family borrows money for the vacation at an interest rate of 11. 9 for 6 months what is the total cost of the vacation including the interest on the loan 15. INVESTMENTS Serena has 2 500 to invest in a CD certificate of deposit. a* If Serena invests the 2 500 in the CD that yields 4 interest what will the CD be worth after 2 years b. Serena would like to have 3 000 altogether. If the interest rate is 5 in how many years will she have 3 000 c* Suppose Serena invests the 2 500 for 3 years and earns 255. 1. 750 7 3 years 2. 1 200 3. 5 2 years 3. 450 5 4 months 4. 1 000 2 9 months 5. 530 6 1 year 6. 600 8 1 month 7. 668 5 2 years 10. 500 12 18 months 8. 720 4. 25 3 months 11. 300 9 3 years 9. 2 500 6. 9 6 months 12. 668 5 2 years 10. 500 12 18 months 8. 720 4. 25 3 months 11. 300 9 3 years 9. 2 500 6. 9 6 months 12. 2 000 20 1 year 13. ELECTRONICS Rita charged 126 for a DVD player at an interest rate of 15. 9. How much will Rita have to pay after 2 months if she makes no payments 14. 2 000 20 1 year 13. ELECTRONICS Rita charged 126 for a DVD player at an interest rate of 15. 9. How much will Rita have to pay after 2 months if she makes no payments 14. VACATION The average cost for a vacation is 1 050. If a family borrows money for the vacation at an interest rate of 11. VACATION The average cost for a vacation is 1 050. If a family borrows money for the vacation at an interest rate of 11. 9 for 6 months what is the total cost of the vacation including the interest on the loan 15. INVESTMENTS Serena has 2 500 to invest in a CD certificate of deposit. 9 for 6 months what is the total cost of the vacation including the interest on the loan 15. INVESTMENTS Serena has 2 500 to invest in a CD certificate of deposit. a* If Serena invests the 2 500 in the CD that yields 4 interest what will the CD be worth after 2 years b. a* If Serena invests the 2 500 in the CD that yields 4 interest what will the CD be worth after 2 years b. Serena would like to have 3 000 altogether. If the interest rate is 5 in how many years will she have 3 000 c* Suppose Serena invests the 2 500 for 3 years and earns 255. 1. 750 7 3 years 2. 1 200 3. 5 2 years 3. 450 5 4 months 4. 1 000 2 9 months 5. 530 6 1 year 6. 600 8 1 month 7. 668 5 2 years 10. 500 12 18 months 8. 720 4. 25 3 months 11. 300 9 3 years 9. 2 500 6. 9 6 months 12. 2 000 20 1 year 13. ELECTRONICS Rita charged 126 for a DVD player at an interest rate of 15. 9. How much will Rita have to pay after 2 months if she makes no payments 14.

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