
Compound Interest Problem Solving
Interactive Video
•
Mathematics
•
9th - 10th Grade
•
Practice Problem
•
Hard
Thomas White
FREE Resource
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34 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is compound interest primarily used for?
Calculating taxes
Earning money on savings
Budgeting expenses
Determining loan eligibility
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a component of the compound interest formula?
Principal
Rate
Time
Tax
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of converting the rate to a decimal in the compound interest formula?
To simplify the calculation
To make it easier to add
To convert it to a percentage
To ensure accuracy in multiplication
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the 'P' in the compound interest formula represent?
Percentage
Principal
Profit
Period
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do you convert a percentage to a decimal?
Divide by 100
Multiply by 100
Add 100
Subtract 100
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the 'T' in the compound interest formula stand for?
Transaction
Tax
Time
Total
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for compound interest?
A = P(1 - R)^T
A = P + RT
A = P + R/T
A = P(1 + R)^T
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