Understanding Interest Calculations

Understanding Interest Calculations

11th Grade

10 Qs

quiz-placeholder

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Understanding Interest Calculations

Understanding Interest Calculations

Assessment

Quiz

Mathematics

11th Grade

Practice Problem

Hard

Created by

Vivian Humilde

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating simple interest?

Interest = Rate × Time

Interest = Principal × Rate × Time

Interest = Principal ÷ Rate × Time

Interest = Principal + Rate + Time

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you invest $1,000 at a simple interest rate of 5% for 3 years, how much interest will you earn?

$150

$75

$200

$100

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating compound interest?

A = P(1 + r)^t

A = P(1 + rt)

A = P(1 + r/n)^(n)

A = P(1 + r/n)^(nt)

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you invest $1,000 at a compound interest rate of 5% compounded annually for 3 years, how much will you have at the end?

1100.50

1157.63

1000.00

1200.00

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Compare the total amount earned from simple interest and compound interest for an investment of $1,000 at 5% over 3 years.

Total amount from simple interest is $1,100 and from compound interest is $1,150.

Total amount from simple interest is $1,200 and from compound interest is $1,250.

Total amount from simple interest is $1,180 and from compound interest is $1,190.

Total amount from simple interest is $1,150 and from compound interest is $1,157.63.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A loan of $2,000 is taken at a simple interest rate of 6% for 4 years. How much total amount will be paid back?

$2480

$3000

$2600

$2400

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you invest $500 at a compound interest rate of 4% compounded quarterly for 2 years, what will be the total amount?

541.43

500.00

600.00

550.25

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