Compound Interest
Authored by Yoki Lewis
Mathematics
9th - 12th Grade
Used 3+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually,what will be the balance after 18 years?
$6,273.50
$6,314.08
$6,385.72
$6,427.94
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
You borrowed $1,690 for 5 1/2 years at an interest of 5.7% compounded annually. How much extra did you pay by taking out the loan?
3.
MULTIPLE CHOICE QUESTION
30 sec • 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
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Jimmy invested $200 in a retirement account that had a rate of 20% that compounds annually. If Jimmy leaves his money puts the money in when he is 24 and takes it out when he is 64, how much money will be in his account rounded to the nearest dollar?
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Julia invested $1000 for college in an account earning 5% compounded annually. When she checked the account after 48 MONTHS, how much money did she find in the account?
Not enough
$563.24
$1215.51
$3200.12
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Jay'den earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually.
What will be his balance after 15 year?
$827.52
$831.10
$839.45
$846.80
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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