Simple and Compound Interest
Authored by Allison Tollefson
Mathematics
7th Grade
CCSS covered
Used 8+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
To earn as much interest as possible, you should open a savings account that earns ______ interest and has the _____ interest rate.
compound; lowest
simple ; lowest
compound ; highest
simple ; highest
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the formula for simple interest?
A=P(1+r)t
I=P(1+r)t
I=Prt
A=Prt
Tags
CCSS.7.RP.A.3
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
The simple interest formula is I=Prt. What does the t represent?
Principle
Interest
Time
Percent Rate
Tags
CCSS.8.EE.C.7B
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What does the "I" in the interest formula stand for?
Tags
CCSS.7.EE.B.4A
5.
MULTIPLE CHOICE QUESTION
3 mins • 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.
Tags
CCSS.HSF-IF.C.8B
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.
fraction
dollar amount
ratio
decimal
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Write the percent as a decimal.
4.3%
Tags
CCSS.7.RP.A.3
CCSS.7.NS.A.3
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