
Simple and Compound Interest
Authored by Franklin Gibson
Mathematics
8th Grade
Used 6+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does A mean in the compound equation A=P(1+r)t?
Compound Interest
Total amount
Principal
Any Interest
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which equation do I use to find the total amount for simple interest?
I = P * r * t
A = P(1+ r)t
I = A - P
A = P + I
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cheryl is investing $25,000 into her savings account. Her simple interest rate is 6.5% for 84 months. What is the total amount she will be getting back rounded to the nearest cent?
$11,375.00
$38,849.66
$36,375.00
$113,750.00
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Gerald got a loan from his bank for $9,500 at a 6% rate compounded annually for 5 years. What is the interest he has to pay back rounded to the nearest cent?
$12,713.14
$2,850.00
$3,213.14
$50,350.00
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Giselle is borrowing $20,000 for a new car at 20% rate compounded annually for 48 months. What is the total amount she will have to repay for the loan rounded to the nearest cent?
$41,472.00
$4,147.20
$21,648.64
$192,000.00
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Kelly is investing $5,000 into her savings at a simple interest rate of 6% for 6 years. Brian, her brother, is investing $5,000 at compounded rate of 6% for 6 years. Who is earning the most interest and by how much more rounded to the nearest cent?
$5,292.60
$292.60
$7,092.60
$345.60
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If my rate is 6.7%, then it will be
6.7 as a decimal
0.67 as a decimal
670 as a decimal
0.067 as a decimal
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