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Interest

Practise calculating simple interest and compound interest on investments and loans.

Compare Level 1 Level 2 Level 3 Level 4 Level 5 Exam-Style Description Help More Finance

This is level 4; Appreciation and depreciation. Give all of your answers to two decimal places. You can earn a trophy if you get at least 7 correct and you do this activity online.

A house is bought for £318,000. In each of the eight years that follow, its value appreciates by 7%. How much is the house worth after the eight years?

£ Correct Wrong

I buy a new phone for £325. It depreciates in value by 5.1% per year. How much is the phone worth five years later?

£ Correct Wrong

Paddy buys a vintage car for $23800. Its value appreciates by 9% each year. After nine years how much is it worth?

$ Correct Wrong

I buy a laptop for $671. It falls in value by 6.9% anually. How much is the laptop worth after eight years?

$ Correct Wrong

When Atua received a bitcoin for his 18th birthday it was worth £7933. In each of the nine years that followed, its value increased by 4.99%. How much was one bitcoin worth after the nine years?

£ Correct Wrong

The value of a large screen TV decreases by a fixed percentage of its value at the beginning of the year. A new TV was worth £1337 when purchased but had decreased in value to £1216.67 by the end of the first year. How much was the TV worth after seven years?

£ Correct Wrong

Carson buys a painting for $600,000. Its value appreciates by 6.9% each year. He decides to sell the painting at the end of the year its value first exceeds one million dollars; How much profit will Carson make?

$ Correct Wrong

An antique jar cost £979 and its value increased by 7.3% anually. After how many years did it first exceed twice its original value? [Give your answer to this question as whole number of years.]

Correct Wrong

An antique box cost £1641 and its value increased by 7.3% anually. After how many years did it first exceed twice its original value? [Give your answer to this question as whole number of years.]

Correct Wrong

An ancient Roman coin cost £450 and its value increased by 5.3% each year. In which year did the value of the coin first appreciate by more than £100? [Give your answer to this question as whole number of years.]

Correct Wrong
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This is Interest level 4. You can also try:
Level 1 Level 2 Level 3 Level 5

Instructions

Try your best to answer the questions above. Type your answers into the boxes provided leaving no spaces. As you work through the exercise regularly click the "check" button. If you have any wrong answers, do your best to do corrections but if there is anything you don't understand, please ask your teacher for help.

When you have got all of the questions correct you may want to print out this page and paste it into your exercise book. If you keep your work in an ePortfolio you could take a screen shot of your answers and paste that into your Maths file.

Transum.org

This web site contains over a thousand free mathematical activities for teachers and pupils. Click here to go to the main page which links to all of the resources available.

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Comment recorded on the 12 July 'Starter of the Day' page by Miss J Key, Farlingaye High School, Suffolk:

"Thanks very much for this one. We developed it into a whole lesson and I borrowed some hats from the drama department to add to the fun!"

Comment recorded on the 1 February 'Starter of the Day' page by Terry Shaw, Beaulieu Convent School:

"Really good site. Lots of good ideas for starters. Use it most of the time in KS3."

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Description of Levels

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Percentages - Before starting the Interest exercise make sure you are confident finding percentages of quantities.

Compare: - A table to be filled in Comparing the results of investing with simple interest against the results of investing with compound interest.

Level 1 - Investments earning simple interest

Level 2 - Investments earning compound interest

Level 3 - Loans accruing compound interest

Level 4 - Appreciation and depreciation

Level 5 - Interest calculated half-yearly, quarterly or monthly

Overdraft Charges - Do you understand how your bank charges you for taking out an overdraft?

Amortisation and Annuities - An exercises containing problems about gradually paying off loans and calculating pension plans.

Exam Style Questions - A collection of problems in the style of GCSE or IB/A-level exam paper questions (worked solutions are available for Transum subscribers).

More on this topic including lesson Starters, visual aids, investigations and self-marking exercises.

Answers to this exercise are available lower down this page when you are logged in to your Transum account. If you don’t yet have a Transum subscription one can be very quickly set up if you are a teacher, tutor or parent.

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Curriculum Reference

See the National Curriculum page for links to related online activities and resources.

Definitions

Appreciation is an increase in the value of an asset over time.

Depreciation is the decrease in the value of an asset over time.

Don't wait until you have finished the exercise before you click on the 'Check' button. Click it often as you work through the questions to see if you are answering them correctly. You can double-click the 'Check' button to make it float at the bottom of your screen.

Answers to this exercise are available lower down this page when you are logged in to your Transum account. If you don’t yet have a Transum subscription one can be very quickly set up if you are a teacher, tutor or parent.

Log in Sign up

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