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Simple and Compound Interests

Total questions: 25

Worksheet time: 1hrs 14mins

Name
Class
Date
1.
What is the formula for simple interest?
a)
A=P(1+r)t
b)
I=Prt
c)
I=P(1+r)t
d)
A=Prt
2.

What does the P in I =PRT mean?

a)

Power

b)

Principal

c)

Product

d)

Percent

3.

Question #5

In the formula I=P·R·T, what does r stand for in a loan?

A. Rate: the interest percentage you will pay on a loan

B. Ratio: the size of the interest interval compared to time

C. Return: how much money you end up earning

D. Reserves: how much money you have in the investment

a)

A

b)

B

c)

C

d)

D

4.
The simple interest formula is I=Prt.  What does the t represent?
a)
Principle
b)
Interest
c)
Time, in hours
d)
Time, in years
5.
Write the decimal as a percent. 
0.37
a)
37%
b)
3.7%
c)
.37%
6.
9 months is how many years?
a)
.5
b)
.75
c)
.25
7.

The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.

a)

Fraction

b)

Decimal

c)

Ratio

d)

Dollar Amount

8.

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

a)

$160

b)

$800

c)

$80,000

d)

$16

9.

Mark took out a loan for $25,690 to purchase a new truck at a simple interest rate of 5.2%. How much interest will he pay on his truck after 5 years?

a)

$6,679.40

b)

$32,369.40

c)

$66,794

d)

$679.40

10.
The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  
a)
the amount of money borrowed or deposited
b)
the percent interest for his year
c)
the amount taxed
d)
the amount the bank owes you for being a customer at their bank
11.

A bank is offering 7% annual compound interest on a savings account. If you deposit $1,500, how much interest will you earn in three years?

a)

$1837.56

b)

$337.56

c)

$30000

d)

$31500

12.
Monthly means how many times a year?
a)
4 
b)
12
c)
52
d)
365
13.
Semi-Annually means how many times a year?
a)
4 
b)
2
c)
1
d)
6
14.
Jay'den 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?
a)
$827.52
b)
$831.10
c)
$839.45
d)
$846.80
15.
The compound interest formula is:
A = P(1 + r)t

What does the A represent?
a)
The amount of interest earned.
b)
The amount of time that has passed.
c)
The total amount of money after a certain amount of time.
d)
The amount required to invest.
16.

Find the following balance:

$600 invested at 6% compounded annually for 7 years.

a)

$2273.04

b)

$1080.57

c)

$1057.95

d)

$902.18

17.

You invest $400 for 5 years at an interest rate of 4.29% each year. Which equation models this?

a)

y=400(1 - 0.0429)5

b)

y=400(1+.0429)5

c)

y=400(1+ 4.29)5

d)

y=400e0.049*5

18.

Steve deposited

$5,000 in a savings account that pays 4% interest compounded annually. Which

equation could be used to find the value of the account after 3 years?

a)

A = 5,000(1 + 4)3

b)

A = 5,000(1 + 0.04)3

c)

A = 5,000(1 + 0.4) x 3

d)

A = 5,000(0.04)3

19.
18 out of 23 is what percent ?
a)
78.3%
b)
91.3%
c)
87.5%
d)
29.5%
20.
What percent is 34 of 46 ?
a)
73.9%
b)
59.8%
c)
88.4%
d)
33.3%
21.
To earn as much interest as possible, you should open a savings account that earns ______ interest and has the _____ interest rate.
a)
compound; lowest
b)
simple ; lowest
c)
compound ; highest
d)
simple ; highest
22.

A bank is offering 2.5% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in three years?

a)

$5375

b)

$375

c)

$3750

d)

$425

23.

A bank is offering 7% annual compound interest on a savings account. If you deposit $1,500, what will be the total amount of money in your savings account after three years?

a)

$337.56

b)

$1837.56

c)

$1663.08

d)

$1843.88

24.

Which interest model when graphed is an exponential J curve?

a)

Simple Interest

b)

Compound Interest

25.
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?
a)
$800
b)
$1,000
c)
$1,200
d)
$1,500

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