Simple and Compound Interest Quiz
Authored by Andre Stewart
Mathematics
12th Grade
CCSS covered
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for simple interest?
I = P * R
I = P / R * T
I = P + R + T
I = P * R * T
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between simple and compound interest?
Compound interest takes into account the accumulated interest from previous periods, while simple interest does not.
Simple interest is calculated annually, while compound interest is calculated monthly
Simple interest is always higher than compound interest
Simple interest is only applicable to loans, while compound interest is only applicable to investments
Tags
CCSS.7.RP.A.3
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of interest earns interest on both the principal amount and the accumulated interest?
Nominal interest
Fixed interest
Compound interest
Simple interest
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the principal amount is $1000, the interest rate is 5%, and the time period is 2 years, what is the simple interest earned?
100
500
200
50
Tags
CCSS.7.RP.A.3
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the principal amount is $5000, the interest rate is 8%, and the time period is 3 years, what is the compound interest earned?
$1000.00
$2000.00
$1298.56
$3000.00
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of interest is generally used for short-term loans and investments?
Simple interest
Fixed interest
Compound interest
Variable interest
Tags
CCSS.7.RP.A.3
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the principal amount is $2000, the interest rate is 6%, and the time period is 4 years, what is the total amount at the end of the period with compound interest?
$2,400.00
$2,800.00
$2,509.16
$2,240.00
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