Compound Interest

Compound Interest

8th Grade

19 Qs

quiz-placeholder

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Compound Interest

Compound Interest

Assessment

Quiz

Mathematics

8th Grade

Easy

CCSS
7.RP.A.3, HSA.CED.A.1, 5.NBT.A.3

+7

Standards-aligned

Created by

Emily Berger

Used 7+ times

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Your 3 year investment of $20,000 received 5.2% interest compounded annually.  What is your total return?

$23,285.05
$3,285.05
$2,385
$32,285

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

You borrowed $59,000 for 2 years at 11% which was compounded annually.  What total will you pay back?

$13,693.90
$1,363.90
$72,693.90
$73,793.90

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSA.SSE.B.4

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

You take out a loan for $175,000. Which option will cost you less?

A) Simple Interest rate of 4.17% over 15 years

B) Compound Interest rate of 3.5% over 15 years

Option A

Option B

they are both equal

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

You deposit $2,500 in a savings account.

What is the difference in the amount of interest that will be paid in each situation?

Option A) Interest rate of 8.25% simple interest for 2 years

Option B) Interest rate of 6.5% compounded annually for 2 years

$769.40

$335.56

$76.94

$68.52

Tags

CCSS.7.RP.A.3

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

A bank is offering 7% annual compound interest on a savings account.  If you deposit $1,500, what will be the total amount of money in your savings account after three years?

$337.56
$1837.56
$31500
$30000

Tags

CCSS.7.RP.A.3

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

A bank is offering 7% annual compound interest on a savings account.  If you deposit $1,500, how much interest will you earn in three years?

$1837.56
$337.56
$30000
$31500

Tags

CCSS.7.RP.A.3

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

Kara borrowed $21,000 for 5½ years at an annual compound interest rate of 7.5% to buy a car.  What is the total amount she will repay the bank for the auto loan?

$31258.30
$10258.30
$981750
$27165

Tags

CCSS.7.RP.A.3

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