Compound and Simple Interest 7.13E
Authored by Jessica Watson
Mathematics
7th Grade
CCSS covered
Used 31+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Rita has a loan of $45,580. This loan has a simple interest rate of 4% per year. What is the amount of interest that Rita will be charged on this loan at the end of one year?
$47,403.20
$11,395
$18,232
$1,823.20
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Mr. Juarez opened a savings account with an initial deposit of $560 and will not make any additional deposits or withdrawals. The account earns 1% simple interest. What is the total amount that Mr. Juarez will have in his account at the end of 3 years?
$168.00
$56.00
$565.60
$576.80
Tags
CCSS.7.RP.A.3
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Anne deposited $500 in an account that earns 6% simple interest. Shelly deposited $500 in an account that earns 6% interest compounded annually. They leave the money in the account for 4 years. Which statement is true about the two investments after 4 years?
Shelly will have $131.24 more in her account than Anne has in her account.
They will have the same amount in their accounts.
Shelly will have $11.24 more in her account than Anne has in her account.
Anne will have $11.24 more in her account than Shelly has in her account.
Tags
CCSS.HSF.BF.A.1
CCSS.HSF.LE.A.1
CCSS.HSF.LE.A.2
CCSS.HSA.SSE.A.1
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Carly deposited $800 in an account that earns 6% interest compounded annually. Lara deposited $800 in an account that earns 6% simple interest. How much will each girl have
in their account at the end of 10 years if they make no withdrawals or deposits?
Carly: $1432.68 Lara: $1280
Carly: $1444.89 Lara: $1280
Carly: $1444.89 Lara: $1320
Carly: $1432.68 Lara: $1320
Tags
CCSS.HSF.BF.A.1
CCSS.HSF.LE.A.1
CCSS.HSF.LE.A.2
CCSS.HSA.CED.A.1
5.
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
Tags
CCSS.HSF.BF.A.1
CCSS.HSF.LE.A.1
CCSS.HSF.LE.A.2
CCSS.HSA.CED.A.1
CCSS.HSA.SSE.A.1
CCSS.HSF.LE.B.5
6.
MULTIPLE CHOICE QUESTION
3 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 value of the CD at the end of the 4 years?
$9,394.92
$9,312.00
$1394.00
$1312.00
Tags
CCSS.HSF.BF.A.1
CCSS.HSF.LE.A.1
CCSS.HSF.LE.A.2
CCSS.HSA.CED.A.1
CCSS.HSA.SSE.A.1
7.
MULTIPLE CHOICE QUESTION
3 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, how much will be in the account after 7 years.
$2,450
$11,750
$12,450
Not here
Tags
CCSS.7.RP.A.3
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