Simple and Compound Interest
Mathematics
8th Grade
CCSS covered
Used 4+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Steve deposited $5,000 in a savings account that pays 4% interest compounded annually. Which equation could be used to find the value of the account after 3 years?
A = 5,000(1 + 4)3
A = 5,000(1 + 0.04)3
A = 5,000(1 + 0.4) x 3
A = 5,000(0.04)3
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Heather invested $8,000 in a 4-year Certificate of Deposit (CD) that pays 4.1% interest compounded annually. What is the TOTAL BALANCE of the CD at the end of the 4 years?
$9,394.92
$9,312.00
$1394.00
$1312.00
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
David invests $10,000 in a savings account that pays 3.5% simple interest. If David makes no withdrawals or deposits to the account, what will be the TOTAL AMOUNT in the account after 7 years?
$2,450
$11,750
$12,450
Not here
Tags
CCSS.7.RP.A.3
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Gilberto invests $10,000 in a savings account that pays 4.75% simple interest. If Gilberto makes no withdrawals or deposits to the account, what will be the ACCOUNT BALANCE after 7 years?
$3,325
$13,325
$13,838.16
$13,000
Tags
CCSS.7.RP.A.3
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Travis invests $25,000 in a savings account that pays 2.75% simple interest. How much INTEREST does he earn in 1 year?
$787.50
$625
$657.50
$687.50
Tags
CCSS.7.RP.A.3
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Audrey deposited $2,800 in a savings account that pays 2.65% interest compounded annually. What is the TOTAL AMOUNT in the account after 7 years?
$562.57
$3362.57
$14,514.15
$2,569,680
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
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?
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