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Simple & Compound Interest

Authored by Robin Brady

Mathematics

6th - 8th Grade

Used 2+ times

Simple & Compound Interest
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15 questions

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1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Samuel calculated the Interest by multiplying the principal x rate x time. What kind of interest is this?

simple interest

compound interest

complex interest

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Type of interest that changes and is based off of the new balance, adding the principal plus the previous interest.

simple interest

compound interest

complex interest

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, how much will be in the

account after 7 years.

$2,450

$11,750

$12,450

Not here

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When calculating

interest, how do you write the percent?

a fraction

a decimal

a round number

not enough information

5.

MULTIPLE CHOICE QUESTION

5 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

6.

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 value of the CD at the end

of the 4 years?

$9,394.92

$9,312.00

$1394.00

$1312.00

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Garrison

deposited $500 in an account that earns 5% annual interest compounded annually. If he makes no withdrawals or deposits, how

much interest will the account earn after 4 years?

$600

$100

$607.75

$107.75

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