Simple and Compound Interest

Simple and Compound Interest

7th Grade

22 Qs

quiz-placeholder

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Simple and Compound Interest

Simple and Compound Interest

Assessment

Quiz

Mathematics

7th Grade

Hard

CCSS
7.RP.A.3, HSA.CED.A.1, 8.EE.C.7B

+11

Standards-aligned

Created by

Hannah Peterson

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22 questions

Show all answers

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

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

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

Tags

CCSS.7.RP.A.3

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Julie borrowed $3,500 for 3 years at 7½% simple interest rate. 
How much interest is that?

Julie borrowed $3,500 for 3 years at 7½% simple interest rate. 
How much interest is that?
$787.50
$810
$812.50

Tags

CCSS.7.RP.A.3

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

Principle

Interest

Time

Percent Rate

Tags

CCSS.8.EE.C.7B

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.

fraction

decimal

ratio

dollar amount

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What does the "I" in the interest formula stand for?

Important

Interest

Internet

Igloo

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

the time has to be in _____________

years

months

days

seconds

Tags

CCSS.7.EE.A.2

CCSS.HSA.SSE.A.2

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