
Simple and Compound Interest
Authored by Priscilla Walker
Mathematics
7th - 8th Grade
Used 4+ times

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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In some investment accounts interest is computed on interest that has been earned in previous years. What is this method of computing interest called?
compound interest
double interest
simple interest
not enough information
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When calculating interest, how do you write the percent?
a fraction
a decimal
a round number
a percent
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Paul deposited $5,000 in a savings account that pays 3.25% interest compounded annually. Which equation could be used to find the value of the account after 1 year?
A = $5,000(1 + 3.25)1
A = $5,000 ( 1 + 0.0325) x 1
A = $5,000(1 + 0.0325)1
A = $5,000(0.0325)1
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Jeriah invested $8,000 in an account that pays 4.1% interest compounded annually. What is the total interest paid at the end of 1 year?
$8,328
$9,312.00
$1,394.00
$328.00
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Jeriah invested $8,000 in an account that pays 4.1% compounded annually. What is the total amount in her account after 1 year?
$9,312.00
$8,328.00
$13, 940.00
$1312.00
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fabian invests $20,000 in a savings account that pays 3.8% simple interest. If Fabian makes no withdrawals or deposits to the account, how much will be in the account after 7 years?
$5,320.00
$25,325.00
$31,750.00
Not here
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Brooke deposited $500 in an account that earns 5% annual interest compounded annually. If she makes not withdrawals or deposits, how much interest will the account earn after 1 year?
$600.00
$607.75
$100.00
$25.00
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