Quiz on Simple and Compound Interest

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

• $160

• $800

• $80,000

• $16

Tags

CCSS.7.RP.A.3

Timmi puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?

• 4
• 8
• 12
• 16

Tags

CCSS.7.RP.A.3

Find the simple interest:
Principal: $6,000
Interest Rate: 5%
Time: 6 months

• $150
• $1,800
• $1,500
• $15,000

Tags

CCSS.7.RP.A.3

Javon has a credit card with a $1,583 balance. His interest rate is 8.8%. If he does not pay for 3 years, how much interest does he owe?

• $4,179

• $417.91

• $133,930

• $41,791

Tags

CCSS.7.RP.A.3

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

• 6%

• 6%

• 8%

• 9%

Tags

CCSS.7.RP.A.3

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years?

• $15,415.94       LeBron James
• $15,683.28            Chase Utley
• $15,927.56       Serena Williams
• $16,349.72            Tom Brady

Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually,how much interest will Riley earn in 15 years?

• $1,584.62                   the train station
• $1,651.39                   the movie theater
• $1,706.86                   the art museum
• $1,893.45                   the bakery

John invested $6,000 into an account that pays 8% annual compound interest. What will the balance of his account be after 6 years?

• 9,521.25

• 10,851.26

• 3,521.25

• 2,986.24

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

If $1,000 is invested at 16% interest, compounded annually, for five years, what is the ending balance?

• $1,225,54

• $2,100.34

• $22,255.40

• $225.54