Simple and Compound Interest
Authored by Belinda Guevara
Mathematics
7th - 9th Grade
CCSS covered
Used 1K+ times
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About
This quiz addresses simple and compound interest calculations, fundamental concepts in financial mathematics appropriate for grades 7-9. Students must demonstrate proficiency with the simple interest formula I = Prt, understanding each variable's meaning and application, while also working with compound interest scenarios that require exponential thinking. The problems require students to manipulate algebraic formulas by solving for different variables (principal, rate, time, and interest), convert between percentages and decimals, and apply the compound interest formula A = P(1 + r)^t. Students need strong computational skills, the ability to work with multi-step word problems involving real-world financial scenarios, and conceptual understanding of how money grows differently under simple versus compound interest structures. The quiz emphasizes practical applications including loans, investments, and savings accounts, requiring students to round to appropriate decimal places and interpret their mathematical results in meaningful financial contexts. Created by Belinda Guevara, a Mathematics teacher in the US who teaches grades 7 and 9. This comprehensive assessment serves multiple instructional purposes, functioning effectively as a unit review, homework assignment, or formative assessment tool to gauge student understanding before a summative evaluation. Teachers can use individual problems as warm-up questions to activate prior knowledge or assign the entire quiz for independent practice to reinforce key concepts. The varied problem types allow educators to identify specific areas where students struggle, whether with formula manipulation, percentage conversions, or compound interest calculations. This quiz aligns with Common Core State Standards 7.RP.3 for proportional relationships and percentage applications, 8.F.3 for understanding linear functions in financial contexts, and Algebra I standards A-CED.1 and A-CED.3 for creating and solving equations that model real-world financial situations.
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20 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Find the total amount of interest to the nearest cent if the interest is compounded annually.
$2750 at 8% for 2 years
Tags
CCSS.7.RP.A.3
CCSS.7.EE.B.3
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The simple interest formula is I=Prt. What does the t represent?
Tags
CCSS.8.EE.C.7B
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?
Tags
CCSS.HSF.BF.A.2
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.
Tags
CCSS.7.RP.A.3
CCSS.7.RP.A.2
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?
Tags
CCSS.HSF.BF.A.2
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Phyllis went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase. The bank said that she could get a simple interest rate of 5% for 5 years. What is the total amount that Phyllis will pay for the chair?
Tags
CCSS.HSF.BF.A.2
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Find the principal for a loan that has an earned interest of $3500 with an annual rate of 10% for 5 years.
Tags
CCSS.HSF.BF.A.2
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