What is the equation for Simple Interest? What is Compounded Interest? You deposited $10, 750 in a bank account that pays 3 percent simple interest. How much interest will you earn over the next 7 years? $1, 935.00 $2, 086.06 $2, 257.50 $2, 471.14 $2, 580.00 How much interest on interest do you earn if you invest $8,000 at 6.0% for 12 years compounded annually? Your savings account is currently worth $1, 200. The account pays 4.5 percent interest compounded monthly. How much will your account be worth 6 years from now? $ 1, 226.70 $ 1, 562.71 $ 1, 571.16 $ 8, 060.27 You want to buy another vehicle and know you can afford $330 a month for 4 years. The interest rate is 7.75 percent, compounded monthly. How much money can you afford to borrow ? $12.600.00 $13, 582.63 $16, 429.37 $18, 500.00 What is the future value of weekly payments of $35 for six years at 12 percent? $10, 673.90 $12, 694.43 $15, 180.51 $15, 966.40 $17, 266.38