Simple & Compound Interest

Simple & Compound Interest

7th - 9th Grade

30 Qs

quiz-placeholder

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Simple & Compound Interest

Simple & Compound Interest

Assessment

Quiz

Mathematics

7th - 9th Grade

Practice Problem

Medium

CCSS
7.RP.A.3, HSA.SSE.A.1, HSA.CED.A.1

+14

Standards-aligned

Created by

Lindsay Foster

Used 26+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

A bank is offering 2.5% simple interest on a savings account.  If you deposit $5,000, how much interest will you earn in three years?

$5375
$375
$37500
$42500

Tags

CCSS.7.RP.A.3

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

A bank is offering 2.5% simple interest on a savings account.  If you deposit $5,000, what will be the total amount of money in your savings account after three years?

$375
$42500
$5375
$37500

Tags

CCSS.7.RP.A.3

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

Sarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%.  How much interest will she pay at the end of the 4 years?

$5040
$23040
$504000
$18000

Tags

CCSS.7.RP.A.3

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

Ricco deposits $500 in an account that earns 2.5% interest compounded annually for 3 years.  Wally deposits $500 in an account that earns 5.1% interest compounded annually for 2 years.  Who will earn the greatest amount of interest?

Ricco will earn $13.85 more than Wally
Wally will earn $13.85 more than Ricco

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, how much interest will you earn in three years?

$1837.56
$337.56
$30000
$31500

Tags

CCSS.7.RP.A.3

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________. 

the amount of money borrowed or deposited
the amount taxed
the percent interest for this year
the amount the bank owes you for being a customer at their bank

Tags

CCSS.7.RP.A.3

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

To earn as much interest as possible, you should open a savings account that earns ______ interest and has the _____ interest rate.

compound; lowest
simple ; lowest
compound ; highest
simple ; highest

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

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