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Consumer 5.4-5.5 Review

Authored by Damien Good

Business, Mathematics, Life Skills

11th - 12th Grade

CCSS covered

Used 1+ times

Consumer 5.4-5.5 Review
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is compound interest?

Interest earned on principal

interest that grows over time with every interest period accumulating on the principal

straight cash paid for a loan

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  

the amount of money borrowed or deposited
the percent interest for his year
the amount taxed
the amount the bank owes you for being a customer at their bank

Tags

CCSS.8.EE.C.7B

3.

MULTIPLE CHOICE QUESTION

2 mins • 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?

$150
$192
$1350
$1392

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

$800
$1,000
$1,200
$1,500

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The compound interest formula is:

S = P(1 + i)t


What does the S represent?

The amount of interest earned.

The amount of time that has passed.

The total amount of money after a certain amount of time.

The amount required to invest.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If $1,000 is invested at 16% interest, compounded annually, for five years, what is the ending balance?

$1,225,54

$2,100.34

$22,255.40

$225.54

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The Arnold's took out a loan for $195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?

$412,749.79
$529.305.61
$689,546.99
$640,891.53

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