Compound Interest 2-6

Compound Interest 2-6

9th - 12th Grade

15 Qs

quiz-placeholder

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Compound Interest 2-6

Compound Interest 2-6

Assessment

Quiz

Mathematics

9th - 12th Grade

Medium

Created by

Deb Scott

Used 1+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

A bank is offering 7% annual compound interest on a savings account.  If you deposit $1,500, what will be the total amount of money in your savings account after three years?

$337.56
$1837.56
$31500
$30000

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

What does the "A" part stand for in the compound interest formula?

Total

Principal

Rate

Time

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

What does the "P" part stand for in the compound interest formula?

Total

Principal

Rate

Time

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

What does the "r" part stand for in the compound interest formula?

Total

Principal

Rate

Time

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

What does the "t" part stand for in the compound interest formula?

Total

Principal

Rate

Time

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you wanted to amount of interest an account has earned after being compounded annually. What would you have to do after you found "A" using the formula A=P(1+r)t ?

Add A (total amount) plus P (original amount)

A (total amount) is the same a interest

Look for I in the formula

Subtract P (original amount) from A (total amount)

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jacob borrows $500 from Abraham and agrees to have the loan compounded annually for 5 years with an interest rate of 2.5%. How much will the total amount be that Jacob owes?

$565.70

$262609.38

$65.70

$630.20

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