
Practice: Simple and Compound Interest
Authored by Oanh Pham
Mathematics
7th - 8th Grade
CCSS covered
Used 12+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
I = Prt where r represents the rate. Rates must be converted into ____ before multiplying.
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
In the compound interest formula A=P(1+r)t what does the A stand for?
The amount of interest
The total amount
The interest rate
The time
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
In the compound interest formula A=P(1+r)t what does the P stand for?
The time
The total amount
The principal amount (original amount)
The interest rate
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If you are calculating the simple interest and you are given the time in months. How can you find the time in years?
Tags
CCSS.7.RP.A.3
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is the formula for simple interest?
Tags
CCSS.8.EE.C.7B
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is important about how time is calculated in I= Prt ?
Tags
CCSS.6.EE.B.7
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A bank is offering 3% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in 3 years?
$5,450
$450
$4,500
$45
Tags
CCSS.7.RP.A.3
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