Financial Literacy Review
Authored by Janette Cruz
Mathematics
8th Grade
CCSS covered
Used 18+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Mr. Jenkins deposited $1,250 into an account that earns 4.25% simple interst annually. He made no additional deposits or withdrawls.
What will be the balance in Mr. Jenkins' account in dollars and cents at the end of 4 years?
$1,462.50
$1,462
$1,462.55
$462.50
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Ben deposits $1,750 into each of two savings accounts.
• Account I earns 2.75% annual simple interest.
• Account II earns 2.75% interest compounded annually.
Ben does not make any additional deposits or withdrawals. Which amount is closest to the difference between the interest Ben will earn in Account I and the interest Ben will earn in Account II at the end of 2 years?
$96.25
$1.32
$97.57
$193.82
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A student is preparing to enroll in a public college in 2 years. The first year of tuition will cost $12000.
What is the minimum amount the student will need to save each month in order to pay for the first year of tuition at the end of the 24 months?
$6,000
$24,000
$500
$288,000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Gabriel deposits $2,500 into each of two savings accounts.
Account A earns 4% annual simple interest.
Account B earns 4% interest compounded annually.
Gabriel does not make any additional deposits or withdrawals. What is the sum of the balances of Account A and Account B at the end of 3 years?
$5,600.00
$5,200.00
$5,624.32
$5,612.16
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Mr. Lewis deposited $2,500 in a new account at his bank.
• The bank pays 6.5% interest compounded annually on this account.
• Mr. Lewis makes no additional deposits or withdrawals.
Which amount is closest to the balance of the account at the end of 2 years?
$2,662.50
$2,513.00
$2,835.56
$2,825.00
Tags
CCSS.HSF-LE.A.1C
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A student’s parents invested $5,000 in a college savings account that pays 4.85% annual simple interest. No additional deposits or withdrawals will be made.
Which amount is closest to the interest earned on the account at the end of 15 years?
$5,174.11
$10,174.11
$3,637.50
$8.637.50
Tags
CCSS.7.RP.A.3
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A customer will borrow $12,000 to buy a car. Which loan option would allow the customer to pay the least amount of interest?
A 4-year loan with a 5.2% annual simple interest rate
A 5-year loan with a 4.2% annual simple interest rate
A 6-year loan with a 4.7% annual simple interest rate
A 3-year loan with a 8.4% annual simple interest rate
Answer explanation
You will need to work out all the answer choices.
Tags
CCSS.7.RP.A.3
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