simple and compound interest

simple and compound interest

Assessment

Flashcard

Mathematics

8th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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10 questions

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1.

FLASHCARD QUESTION

Front

Anne deposited $500 in an account that earns 6% simple annual interest. Shelly deposited $500 in an account that earns 6% annual interest compounded annually. They leave the money in the account for 4 years. What is the difference in their account balances?

Back

Shelly will have $11.24 more in her account than Anne has in her account.

2.

FLASHCARD QUESTION

Front

Carly deposited $800 in an account that earns 6% compounded annually. Lara deposited $800 in an account that earns 6% simple interest. How much will each girl have in their account at the end of 10 years if they make no withdrawals or deposits?

Back

Carly: $1432.68 Lara: $1280

3.

FLASHCARD QUESTION

Front

What is the method of computing interest on interest earned in previous years called?

Back

compound interest

4.

FLASHCARD QUESTION

Front

When calculating interest, how do you write the percent? Options: a fraction, a decimal, a round number, not enough information

Back

a decimal

5.

FLASHCARD QUESTION

Front

Equation to find the value of a $5,000 savings account after 3 years at 4% interest compounded annually.

Back

A = 5,000(1 + 0.04)3

6.

FLASHCARD QUESTION

Front

Heather invested $8,000 in a 4-year Certificate of Deposit (CD) that pays 4.1% interest compounded annually. What is the value of the CD at the end of the 4 years?

Back

$9,394.92

7.

FLASHCARD QUESTION

Front

David invests $10,000 in a savings account that pays 3.5% simple interest. If David makes no withdrawals or deposits to the account, how much will be in the account after 7 years?

Back

$12,450

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