Comparing Compound and Simple Interest Rates

Quiz
•
Mathematics
•
8th Grade
•
Easy
+8
Standards-aligned
Gabriela Ilene Blancarte
Used 6+ times
FREE Resource
10 questions
Show all answers
1.
LABELLING QUESTION
1 min • 1 pt
Mai put $4250 in the bank at 4.4% interest compounded annually. How much was in her account after 7 years. Drag and drop values to complete an equation that could be used to solve for the amount in her account.
0.44
4250
4.4
0.044
Tags
CCSS.HSA.CED.A.1
CCSS.HSA.REI.A.1
CCSS.HSA.SSE.A.1
CCSS.HSF.BF.A.1
CCSS.HSF.LE.A.1
CCSS.HSF.LE.A.2
2.
LABELLING QUESTION
1 min • 1 pt
Kristina received $125 for her birthday. Her parents offered to pay her 3.5% simple interest per year if she would save it for 5 years. Drag and drop values to complete an equation that could be used to solve for the amount in her account.
125
5
0.35
0.035
3.5
Tags
CCSS.6.EE.B.6
3.
MATCH QUESTION
1 min • 1 pt
Ms. Blacarte plans to finance a boat for $20,000. Her loan options are to the side. Determine the total payback amount based on each of the loans.
$23,039.29
Loan 3
$23,881.05
Loan 2
$24,333.06
Loan 1
$23,020.45
Loan 4
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6.
MATCH QUESTION
1 min • 1 pt
Determine what the variables mean in the simple and compound interest formulas.
interest rate as decimal
t
total amount accrued with interest
P
interest
A
time, in years
r
Principal or original amount
I
7.
REORDER QUESTION
1 min • 1 pt
Ms. Wickizer needs to borrow $12,000 to finance a used car. Order the following loan options into Least Expensive Payback amount to Most Expensive Payback amount.
5 year loan w/ 4.2% simple interest
4 year loan w/ 5.2% simple interest
A 6 year loan with 8.4% simple interest
A 3 year loan w/ 8.4% simple interest
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