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Simple, Compound, and Continuous Compound Interest

Authored by Laura Causey

Mathematics

12th Grade

CCSS covered

Used 12+ times

Simple, Compound, and Continuous Compound Interest
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10 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

What is the formula for simple interest?

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

Tags

CCSS.8.EE.C.7B

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?

$120
$144
$1,200
$1,440

Tags

CCSS.7.RP.A.3

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Find the balance in the account after the given period.

$12,000 principal earing 4.8% compounded annually after 7 years.

$3,243.19

$16,661.35

$15,243.19

$4,661.35

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSA.SSE.A.1

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Find the balance in the account after the given period.

$5000 deposit earning 1.5% compounded quarterly after 3 years

$5,229.70

$7,604.38

$7,777.27

$5,538.86

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.B.5

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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

$1,225,54
$2,225.54
$22,255.40
$225.54

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.B.5

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Courtney saved up $2,200 working as a waitress over the summer. She put this money into a bank account that earned 5.2% interest and is compounded daily. How much will she have in her account at the end of 4 years?

$2201.25
$2694.55
$2707.45
$2708.63

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Principal: $999
Interest Rate: 5.45%
Time: 19 years
Compounded Quarterly
State the future account balance.

$2794.10
$2738.11
$2774.98
$2807.11

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSA.SSE.A.1

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