8th STAAR 12d(calculating simple and compound interest)

Quiz
•
Mathematics
•
8th Grade
•
Easy
Standards-aligned
Mr and Mrs Freeman
Used 1+ times
FREE Resource
11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
Monica wants to open a savings account with a deposit of $3,000. Monica will not make any additional deposits or withdrawals after she opens the account. Her bank offers two different savings accounts.
- Account X pays 2.1% simple interest.
- Account Y pays 2.4% interest compounded annually.
Which statement about these accounts at the end of 5 years is true?
Account X would earn Monica about $62.70 more interest than Account Y.
Account Y would earn Monica about $62.70 more interest than Account X.
Account X would earn Monica about $45.00 more interest than Account Y.
Account Y would earn Monica about $45.00 more interest than Account X.
2.
FILL IN THE BLANK QUESTION
10 mins • 1 pt
Larry put $1,287 into a savings account 8 years ago.
- The account earned 4% simple annual interest.
- He made no additional deposits or withdrawals.
Based on this information, what is the balance in dollars and cents in Larry's account at the end of these 8 years?
(just the number; don't put the $)
Tags
CCSS.7.RP.A.3
3.
MULTIPLE CHOICE QUESTION
10 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
4.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
Ben deposits $1,750 into each of two savings accounts.
- Account 1 earns 2.75% annual simple interest.
- Account 2 earns 2.75% interest compounded annually.
Which account is closest to the difference between the interest Ben will earn in Account 1 and the interest Ben will earn in Account 2 at the end of 2 years?
$96.25
$1.32
$97.57
$193.82
5.
FILL IN THE BLANK QUESTION
10 mins • 1 pt
Mr. Jenkins deposited $1,250 into an account. He made no additional deposits or withdrawals.
Mr. Jenkins earned 4.25% annual simple interest on the money in the account.
What was the balance in dollars and cents in Mr. Jenkin's account at the end of 4 years?
(don't put the $)
Tags
CCSS.7.RP.A.3
6.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
Gabe 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
$5,612.16
$5,624.32
$5,200.00
7.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
An employee put $5,000.00 in a retirement account that offers 9% interest compounded annually. The employee makes no additional deposits or withdrawals. Which amount is closest to the interest the employee will have earned at the end of 5 years?
$229.09
$450.00
$2,250.00
$2,693.12
Tags
CCSS.HSF-LE.A.1C
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