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Comparing Simple & Compound Interest IP

Authored by Ashley Diaz

Mathematics

8th Grade

CCSS covered

Used 1+ times

Comparing Simple & Compound Interest IP
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5 questions

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1.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following best describes the difference between simple and compound interest?

Simple interest is easier to calculate than compound interest.

Simple interest earns interest on the previous interest earned only.

Compound interest earns interest on the principal plus any previous interest earned.

Compound interest earns interest on the principal only.

Tags

CCSS.7.RP.A.3

2.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Media Image

Gwen has saved $3,500 and wants to deposit it into a savings account that earns 4% annual interest for 10 years. Which type of interest will earn more after 10 years, and how much more?

Simple interest will earn more by $1,400

Compound interest will earn more by $1,400

Simple interest will earn more by $1,600

Compound interest will earn more by $280.85

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Wendy and Connor each deposit $8,300 into accounts that earn 3.5% interest for 25 years. Wendy’s account earns annual simple interest and Connor’s account earns annual compound interest. Who will earn more interest after 25 years, and how much more interest will they earn?

Wendy will earn more interest, $7,252.50 more

Connor will earn more interest, $4,052.43 more

Wendy will earn more interest, $5,000 more

Connor will earn more interest, $5,000 more

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the difference between simple and compound interest?

Simple interest is easier to calculate than compound interest.

Simple interest earns interest on the previous interest earned only.

Compound interest earns interest on the principal plus any previous interest earned.

Compound interest earns interest on the principal only.

Tags

CCSS.7.RP.A.3

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Gwen has saved $3,500 and wants to deposit it into a savings account that earns 4% annual interest for 10 years. What is the total amount Gwen will have in a simple interest account after 10 years?

$4,900

$4,200

$3,920

$3,500

Tags

CCSS.7.RP.A.3

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