9/19: QUIZ #3 Simple and Compound Interest

WARM-UP:

Ms. Navarro took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually,

how much interest will she  have paid after 30 years?

• $412,749.79    

• $429,305.61

• $471,259.24  

• $494,546.99

Write 4.3% as a decimal.

• 4.3

• .43

• 0.043

• 4300

Nicole deposits $2,136 in a savings account paying 5.36% interest. To the nearest dollar, how much interest does Nicole have in total after nine years?

A. $213

B. $1,030

C. $1,272

D. $3,166

• A

• B

• C

• D

Tags

CCSS.7.RP.A.3

Olivia deposits $6,952 in a savings account paying 3.72% interest. To the nearest dollar, how much money does Olivia have in TOTAL after sixteen years?

A. $4,138

B. $8,568

C. $11,090

D. $29,901

• A

• B

• C

• D

Tags

CCSS.HSF.BF.A.2

What is another term for the original amount?

A.) payment

B.) per annum

C.) percent

D.) principal

• A

• B

• C

• D

Tags

CCSS.6.RP.A.3C

You want a high interest rate when you borrow money.

A.) true

B.) false

• A

• B

You want a high interest rate when you invest money.

A.) true

B.) false

• A

• B

Tags

CCSS.HSF.LE.A.2

The simple interest formula is I=PRT.  What does the T represent?

• Principal

• Time, in hours

• Interest

• Time, in years

Tags

CCSS.8.EE.C.7B

Nick borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?

• $120
• $144
• $1,200
• $1,440

Tags

CCSS.7.RP.A.3

Mark took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded monthly, how much tatal will he have paid after 5 years?

• $33,299.42

• $33,672.68

• $34,157.04

• $34,710.88