Simple & Compound Interest

Simple & Compound Interest

7th - 8th Grade

6 Qs

quiz-placeholder

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Simple & Compound Interest

Simple & Compound Interest

Assessment

Quiz

Mathematics

7th - 8th Grade

Medium

Created by

Stephanie Brown

Used 1+ times

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6 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The simple interest formula is I=Prt. And for compound interest, the formula is A=P(1+r)t. 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

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Ann puts $300 in a bank account earning 4% interest. How much will she earn in simple interest in 1 year?

4

8

12

16

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

I = Prt where r represents the rate.  Rates must be converted into ____ before multiplying.

fractions
mixed numbers
decimals
integers

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Smithville Bank is offering each of it's customers a record 3.4% simple interest on new savings account. If Mr. Thomas opens an account with $1,500, how much interest will he earn in 3 years?

$15,300

$1,530

$153

The answer is not shown

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Find the compound interest:
Principal: $1735
Interest Rate: 0.8%
Time: 1 year

$1,388
$138.80
$13.88
None of the answers are correct.

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

3)  Jose invests $200 into an account at a rate 2%.  He plans on keeping the account open for 15 years.  If it is a compound interest account, about how much money will he have in the account after 15 years?

$60         
$70
$260       
$270

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