Mastering Simple and Compound Interest Calculations
Authored by Anthony Clark
English, Mathematics
8th Grade
CCSS covered
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1. Sarah invests $1,000 in a savings account that earns a simple interest rate of 5% per year. How much interest will she earn after 3 years?
$100
$150
$200
$75
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2. John deposits $2,500 into a bank account that offers a compound interest rate of 4% per year, compounded annually. How much money will he have in the account after 2 years?
$2,800.00
$2,704.00
$2,500.00
$2,600.00
Tags
CCSS.HSF.BF.A.2
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
3. A loan of $800 is taken out with a simple interest rate of 6% per year. How much total interest will be paid after 5 years?
$240
$180
$300
$120
Tags
CCSS.7.RP.A.3
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4. Emily invests $1,200 in a fund that offers a compound interest rate of 3% per year, compounded quarterly. What will be the total amount in her account after 4 years?
1300.50
1352.99
1400.00
1200.00
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
5. Mark wants to save $5,000 for a vacation in 5 years. If he invests in a savings account that offers a simple interest rate of 4% per year, how much interest will he earn by the end of the 5 years?
$750
$1,000
$2,000
$500
Tags
CCSS.7.RP.A.3
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6. A credit card company charges 18% annual interest on unpaid balances, compounded monthly. If Lisa has a balance of $1,000, how much will she owe after 1 year if she makes no payments?
1195.62
1150.50
1200.00
1000.00
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
7. A car loan of $15,000 has a simple interest rate of 7% per year. How much total interest will be paid if the loan is paid off in 4 years?
$4,200
$2,100
$5,600
$3,000
Tags
CCSS.7.RP.A.3
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