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Interest Payment Quiz

Authored by Darren Johns

Financial Education

8th Grade

DOK Level 3: Strategic Thinking covered

Interest Payment Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Priya took a loan of $12,000 at an annual interest rate of 6% for 12 years to finance her education. What is her monthly payment?

$120.00

$133.14

$111.22

$135.76

Tags

DOK Level 3: Strategic Thinking

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anika is planning to buy a car worth $7,000. She is considering a loan with a 4% annual interest rate over a period of 6 years. Calculate her monthly payment.

$109.22

$110.00

$108.77

$112.34

Tags

DOK Level 3: Strategic Thinking

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Oliver wants to pay off a $25,000 student loan in 7 years and the annual interest rate is 3.5%. What should be his monthly payment?

$328.29

$315.00

$350.00

$340.75

Tags

DOK Level 3: Strategic Thinking

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Luna took a personal loan of $9,000 to finance her education at an annual interest rate of 8% for 4 years. What is her monthly payment?

$220.24

$225.00

$218.55

$222.78

Tags

DOK Level 3: Strategic Thinking

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Emilio borrows $1200 from a bank with 8% simple interest per year to help fund Mia's startup. How much will he have to pay back total in 2 years? I = prt (You have to add the principal to the interest)

$150

$192

$1350

$1392

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Benjamin invested $350 in a savings account offering an annual interest rate of 2.5%.

After 3 years, how much interest will Benjamin have earned on his investment?

Use the formula I = PRT where I is the interest, P is the principal amount, R is the rate of interest per year, and T is the time the money is invested for in years.

$7.50

$26.25

$87.5

$262.50

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Harper invested $800 in a savings account at an interest rate of 3.5% per annum.

After 2 years, how much interest has Harper earned on her investment?

I = PRT

56

140

168

16.80

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