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Simple and Compound Interest Review

Authored by Dustin Kotur

Business

7th - 12th Grade

Used 3+ times

Simple and Compound Interest Review
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25 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 5 pts

What is the ending balance of an account with $42,000 and earns simple interest at a rate of 3% for 5 years?

$6,300.00
$46,300.00
$48,300.00
$6,342.00

2.

MULTIPLE CHOICE QUESTION

5 mins • 5 pts

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

6%
6%
8%
9%

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Krystal has $3000 invested at a 2% interest rate. Which expression can be used to determine how much money Krystal had after 16 years?

4.

MULTIPLE CHOICE QUESTION

5 mins • 5 pts

You borrowed $59,000 for 2 years at 11% which was compounded annually.  What total will you pay back?

$13,693.90
$1,363.90
$72,693.90
$73,793.90

5.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

When calculating

interest, how do you write the percent?

a fraction

a decimal

a round number

not enough information

6.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

the time has to be in _____________

years

months

days

seconds

7.

MULTIPLE CHOICE QUESTION

5 mins • 5 pts

The Arnold's took out a loan for $195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?

$412,749.79

$529.305.61

$689,546.99

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