
Understanding APY and Interest Calculations

Interactive Video
•
Mathematics
•
9th - 10th Grade
•
Hard

Thomas White
FREE Resource
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9 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary reason for knowing the interest rate on your savings account?
To know the withdrawal limits
To find out the account maintenance charges
To calculate the monthly fees
To determine the annual interest earned
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does APY stand for?
Annual Payment Yield
Annual Percentage Yield
Annual Profit Yield
Annual Principal Yield
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Where can you find the APY for your savings account?
In the newspaper
On the ATM receipt
By asking your bank
On your monthly bank statement
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do you convert an APY from a percentage to a decimal?
Add 0.1 to the percentage
Shift the decimal point two places to the left
Multiply by 10
Divide by 1000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the APY is 5.25%, what is the decimal equivalent?
0.00525
5.25
0.0525
0.525
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in calculating the interest earned on a savings account?
Divide the initial amount by the APY
Subtract the APY from the initial amount
Multiply the initial amount by the APY in decimal form
Add the APY to the initial amount
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you have $7,000 in savings and an APY of 5.25%, how much interest will you earn in a year?
$367.50
$735.00
$525.00
$700.00
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the total balance in the savings account after earning interest for a year with an initial amount of $7,000 and an APY of 5.25%?
$7,000.00
$7,735.00
$7,525.00
$7,367.50
9.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can you do with the interest earned from your savings account?
Only withdraw it
Spend it or keep it in the account
Transfer it to another account
Only reinvest it
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