Comparing Interest Rates and Fees
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Comparing Interest Rates and Fees
Comparing interest rates and fees: six problems on two savings accounts, two loans, and a credit card for a year, fees included. Find the better choice. Grades 7 and 8, with an answer key.
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Make a new sheetSheet 87 of 9999, each with its own answer key · Back to Sheet 1
- Pages
- 1
- Last updated
- Time
- About 20 minutes
- Answer key
- Included
- Printing
- Black and white
- Related curriculum
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Find simple interest with I = Prt, work out compound interest year by year, find the total cost of a loan, and compare two loans or savings plans.
Reviewed by Mr. Daniel Carter, Teacher and Mr. Robert Harrison, Teacher. How we check worksheets
How to use this sheet
- Have the child say what each choice costs in the end, not only what it costs today.
- For interest, have the child make a table, year by year, before using a formula.
- Talk about the questions with real examples, such as a phone plan or a savings account.
Common mistakes
- Thinking a credit card is free money. What is spent must be paid back, often with interest.
- Working out compound interest as simple interest. Each year’s interest is earned on the new total.
- Writing an interest rate of 5% as 5 in a formula. Use 0.05.
