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Compound Interest Check

Authored by Lauren Zomboracz

Business

9th - 12th Grade

Used 58+ times

Compound Interest Check
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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term is given to the original amount of money that is deposited into an account.

Principal (P)

Rate of interest (R)

Time in Years (T)

Certificate of Deposit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which variable is represented by N in the compound interest formula?

Principal

Rate of interest

Time in Years

Compounding interval

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If my savings account compounds weekly, what number is N?

12

365

52

1

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which compounding interval will grow your money the fastest?

Weekly

Monthly

Yearly

They all grow your money at the same rate.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which variable of the compound interest formula do banks have control over?

Compounding intervaal

Principal

Years you keep it in the account for

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which variable of the compound interest formula do you have control over?

Compounding intervaal

Principal

Interest rate

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the P in the problem you read?

$5,000

2.5%

$1,415.13

$6,415.13

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