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Quiz Compound and Simple Interest

Authored by Amanda Cutway

Mathematics

12th Grade

Used 4+ times

Quiz Compound and Simple Interest
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5 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If $1,000 is invested at 16% interest, compounded annually, for five years, what is the ending balance?

$1,225,54

$2,100.34

$22,255.40

$225.54

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

$800

$1,000

$1,200

$1,500

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Brian is buying a car and he has two options.
Option 1: $14000      5% interest compounded annually for 5 years
Option 2: $15000      3% interest compounded annually for 6 years
Which statement is true? 

Option 1 is better because the total price is about $43 cheaper than option 2
option 2 is better because it is about $43 cheaper than option 1
option 1 is better  because it is about $200 cheaper than option 2
option 2 is better because it is about $200 cheaper than option 1

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Emily would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years.

$15,415.94
$15,683.28
$15,927.56
$16,109.05

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Principal: $5000
Interest Rate: 3.75%
Time: 25 years
Compounded Monthly
State the future account balance.

$12712.31
$12,749.30
$12,657.59
$12550.84

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