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Comparing Compound and Simple Interest Rates

Authored by Gabriela Ilene Blancarte

Mathematics

8th Grade

CCSS covered

Used 6+ times

Comparing Compound and Simple Interest Rates
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10 questions

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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.

c
d

0.044

4250

4.4

0.44

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSA.REI.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

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.

e
b

0.35

5

3.5

125

0.035

Tags

CCSS.6.EE.B.6

3.

MATCH QUESTION

1 min • 1 pt

Media Image

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 4

$23,881.05

Loan 2

$23,020.45

Loan 3

$24,333.06

Loan 1

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 year?

$827.52
$831.10
$839.45
$846.80

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for simple interest?

A=P(1+r)t
I=Prt
I=P(1+r)t
A=Prt

6.

MATCH QUESTION

1 min • 1 pt

Determine what the variables mean in the simple and compound interest formulas.

total amount accrued with interest

r

interest

I

interest rate as decimal

P

Principal or original amount

t

time, in years

A

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.

4 year loan w/ 5.2% simple interest

A 6 year loan with 8.4% simple interest

5 year loan w/ 4.2% simple interest

A 3 year loan w/ 8.4% simple interest

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