
Simple and Compound Interest
Quiz
•
Mathematics
•
12th Grade
•
Practice Problem
•
Hard
Standards-aligned
Kelly Downum
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15 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Smithville Bank is offering each of it's customers a record 3.4% interest on new savings account. If Mr. Thomas opens an account with $1,500, how much interest will he earn in 3 years?
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which is the formula for Simple Interest?
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which is the formula for Compound Interest?
Tags
CCSS.7.RP.A.3
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Use simple interest to find the ending balance. (Total = P + I)
P= $34,100 R= 4% T= 3 years
$4,092
$5030
$38,192
$41,100
Tags
CCSS.7.RP.A.3
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
If Sam borrows $210 for 7 years at an interest rate of 8%, how much interest will he pay?
$327.60
$805.00
$1015.00
$117.60
Tags
CCSS.7.RP.A.3
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
You want to borrow $1,240 for 2 years at an interest of 8% compounded annually. How much will you pay back by taking out the loan?
$4464
$1,186.30
$1,446.34
$2,215.68
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Carly
deposited $800 in an account that earns 6% compounded annually. Lara deposited
$800 in an account that earns 6% simple interest. How much will each girl have
in their account at the end of 10 years if they make no withdrawals or deposits?
Carly: $1432.68 Lara: $1280
Carly: $1444.89 Lara: $1280
Carly: $1444.89 Lara: $1320
Carly: $1432.68 Lara: $1320
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