
Simple & Compound Interest Review
Quiz
•
Mathematics
•
8th - 9th Grade
•
Medium
+4
Standards-aligned
Elizabeth Franklin
Used 6+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Don’s father started a college fund on Don’s 11th birthday. He deposited $3,500 into a CD (certificate of deposit) that yields an interest rate of 0.32% compounded annually. How much money will the CD be worth when Don turns 25 years old?
$280
$3,791.02
$3,625.19
$3,660.10
Tags
CCSS.HSF-LE.A.1C
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Moe’s mother is planning to borrow $20,000 to remodel the restaurant she owns. She contacted several loan companies, and she is comparing two different options.
• Company 1 offers an interest rate of 6.25%.
• Company 2 offers an interest rate of 9.5%.
Both loan options involve simple interest and must be repaid in exactly 8 years. How much more will Moe’s mother pay in interest if she chooses to borrow the money from Company 2?
$27,000
$52,000
$2,700
$5,200
Tags
CCSS.7.RP.A.3
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Taryn’s mother is setting up a college fund account for Taryn. Taryn is 8 years old. Taryn’s mother will deposit $8,000 in a CD that earns 4% simple interest annually. How much interest will the college account earn over a 12-year period?
$1,280
$3,569
$3,840
Tags
CCSS.7.RP.A.3
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Terry’s mother is setting up a college fund account for Terry. Terry is 6 years old. Terry’s mother will deposit $9,000 in a CD that earns 3% simple interest annually. How much interest will the college account earn over a 7-year period?
$1,890
$1,620
$270
$10,890
Tags
CCSS.7.RP.A.3
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Brianna’s mother is planning to borrow $35,000 to remodel the restaurant she owns. She contacted several loan companies, and she is comparing two different options.
• Company 1 offers an interest rate of 4.25%.
• Company 2 offers an interest rate of 5.5%.
Both loan options involve simple interest and must be repaid in exactly 9 years. How much more will Brianna’s mother pay in interest if she chooses to borrow the money from Company 2?
$3,937.50
$4,287.50
$17,325
$17,675
Tags
CCSS.7.RP.A.3
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Mindy’s mother is planning to borrow $15,000 to remodel the restaurant she owns. She contacted several loan companies, and she is comparing two different options.
• Company 1 offers an interest rate of 2.25%.
• Company 2 offers an interest rate of 4.5%.
Both loan options involve simple interest and must be repaid in exactly 3 years. How much more will Mindy’s mother pay in interest if she chooses to borrow the money from Company 2?
$19,237.50
$8,1000
$1,012.50
$101.25
Tags
CCSS.7.RP.A.3
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Tania’s mother is setting up a college fund account for Tania. Tania is 7 years old. Tania’s mother will deposit $5,400 in a CD that earns 6.9% simple interest annually. How much interest will the college account earn over a 12-year period?
$12,026.10
$2,608.30
$1,863.00
$4,471.30
Tags
CCSS.7.RP.A.3
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