Simple and Compound Interest Word Problems
Authored by Anthony Clark
Mathematics
8th Grade
CCSS covered
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Garrison
deposited $500 in an account that earns 5% annual interest compounded annually. If he makes no withdrawals or deposits, how
much interest will the account earn after 4 years?
$600
$100
$607.75
$107.75
Tags
CCSS.HSF.BF.A.2
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?
$800
$1,000
$1,200
$1,500
Tags
CCSS.7.RP.A.3
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The simple interest formula is I=Prt. What does the t represent?
Principle
Interest
Time
Percent Rate
Tags
CCSS.6.EE.B.7
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The compound interest formula is:
A = P(1 + r)t
What does the A represent?
The amount of interest earned.
The amount of time that has passed.
The total amount of money after a certain amount of time.
The amount required to invest.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A bank is offering 2.5% simple interest on a savings account. If you deposit $5,000, what will be the total amount of money in your savings account after three years?
$375
$42500
$5375
$37500
Tags
CCSS.7.RP.A.3
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Sarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%. How much interest will she pay at the end of the 4 years?
$5040
$23040
$504000
$18000
Tags
CCSS.6.EE.B.6
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
John deposited $2,000 into a savings account. How much will John have in his account after 7 years at a simple interest rate of 3¼%?
$2455
$455
4550
6550
Tags
CCSS.7.RP.A.3
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