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Simple and Compound Interest Review

Mathematics

8th Grade

CCSS covered

Used 51+ times

Simple and Compound Interest Review
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26 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 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.7.RP.A.3

2.

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?

$150
$192
$1350
$1392

Tags

CCSS.HSF.BF.A.2

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Beyonce 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 8% for 5 years.  What is the total amount that Beyonce will pay for the chair?

$2600
$910
$9100
$260

Tags

CCSS.HSF.BF.A.2

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Change 6.75% to a decimal.

67.5
.675
675
.0675

Tags

CCSS.5.NBT.A.3

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Find the total amount in the account to the nearest cent if the interest is compounded annually. 
$2750 at 8% for 2 years

$2200.00
$3207.60
$8910.00
$2750

Tags

CCSS.HSF-LE.A.1C

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The simple interest formula is I=Prt.  What does the t represent?

Principle
Interest
Time, in hours
Time, in years

Tags

CCSS.8.EE.C.7B

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Justin felt it wasn't to late to say sorry and 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

Tags

CCSS.7.RP.A.3

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