Free Printable Quiz Review : Compounding and Simple Interest

Worksheets

Quiz Review : Compounding and Simple Interest

Total questions: 11

Worksheet time: 1hrs 7mins

Name

Class

Date

Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much total will she earn in 10 years?

$4915.59

$3933.28

$2979.81

$4005.09

Determine the balance in the account if you deposited $4,000 at an interest rate of 3.4% compounded quarterly for three years.

$4422.03

$4427.62

$4428.90

$4429.51

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

$800

$1,000

$1,200

$1,500

The simple interest formula is I=Prt. What does the t represent?

Principle

Interest

Time

Percent Rate

Jack deposited $1,400 in his bank account. After 3 years, the account earned $294 in interest. Find the simple interest rate.

7.25%

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 year?

$827.52

$831.10

$839.45

$846.80

compound means (a)

Choose from the below words

principle added into the interest

principle subtracted from the inter

just interest

Jimi Hendrix is the best guitarist

Captain America invests $5000 in a savings account which pays compound interest at the rate of 2.5% per year. If the interest is compounded annually calculate the total interest in 6 years correct to the nearest dollars.

$5798.46

$750

$798.46

$678.46

How much interest will Joe pay if he borrows $19,000 for a car at 3% interest for 5 years?

$2,850

$21,850

$19,000

$38,000

10.

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years.

$15,415.94

$15,683.28

$15,927.56

$16,109.05

11.

Anne deposited $500 in an

account that earns 6% simple annual interest.

Shelly deposited $500 in an account that earns 6% annual interest

compounded annually. They leave the

money in the account for 4 years. Which

statement is true about the two investments after 4 years?

Shelly will have $131.24 more in her account

than Anne has in her account.

They will have the same

amount in their accounts.

Shelly will have $11.24 more

in her account than Anne has in her account.

Anne will have $11.24 more in

her account than Shelly has in her account.

100 %

Quiz Review : Compounding and Simple Interest

Total questions: 11

Worksheet time: 1hrs 7mins

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