Simple and Compound Interest
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16 QuestionsShow answers
  • Question 1
    900 seconds
    Q. Find the total amount in the account to the nearest cent if the interest is compounded annually. 
    $2750 at 8% for 2 years
    answer choices
    $220
    $440
    $660
  • Question 2
    900 seconds
    Q. The simple interest formula is I=Prt.  What does the t represent?
    answer choices
    Principle
    Interest
    Time
    Percent Rate
  • Question 3
    900 seconds
    Q. Starting money = $350.
    Interest rate = 2.5%
    TIme = 3 years.
    How much interest?
    answer choices
    $7.50
    $26.25
    $87.5
    $262.50
  • Question 4
    900 seconds
    Q. The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  
    answer choices
    the amount of money borrowed or deposited
    the percent interest for his year
    the amount taxed
    the amount the bank owes you for being a customer at their bank
  • Question 5
    900 seconds
    Q. Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?
    answer choices
    $150
    $192
    $1350
    $1392
  • Question 6
    900 seconds
    Q. Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase.  The bank said that she could get a simple interest rate of 8% for 5 years.  What is the total amount that Beyonce will pay for the chair?
    answer choices
    $2600
    $910
    $9100
    $260
  • Question 7
    900 seconds
    Q. If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?
    answer choices
    divide 12 by the months
    divide the months by 12
    multiply 12 times the months
    change the months to a decimal
  • Question 8
    900 seconds
    Q. I = Prt where r represents the rate.  Rates must be converted into ____ before multiplying.
    answer choices
    fractions
    mixed numbers
    decimals
  • Question 9
    900 seconds
    Q. Jimmy invested $200 in a retirement account that had a rate of 20% that compounds annually.  If Jimmy leaves his money puts the money in when he is 24 and takes it out when he is 64, how much money will be in his account rounded to the nearest dollar?
    answer choices
    $29395
    $293954.31
    $293954
  • Question 10
    900 seconds
    Q. 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?
    answer choices
    $827.52
    $831.10
    $839.45
    $846.80
  • Question 11
    900 seconds
    Q. Emily's parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semi-annually, what will be the balance after 18 years?
    answer choices
    $6,273.50
    $6,314.08
    $6,385.72
    $6,427.94
  • Question 12
    900 seconds
    Q. Mark took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded monthly, how much total will he have paid after 5 years.
    answer choices
    $33,299.42
    $33,672.68
    $34,157.04
    $34,389.55
  • Question 13
    900 seconds
    Q. 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.
    answer choices
    $15,415.94
    $15,683.28
    $15,927.56
    $16,109.05
  • Question 14
    900 seconds
    Q. The Henley's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually, how much total will they have paid after 30 years?
    answer choices
    $412,749.79
    $529.305.61
    $689,546.99
    $640,891.53
  • Question 15
    30 seconds
    Q. 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?
    answer choices
    $4915.59
    $3933.28
    $2979.81
    $4005.09
  • Question 16
    900 seconds
    Q. Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Riley earn in 15 years?
    answer choices
    $1,584.62
    $2,651.39
    $2,706.86
    $1,825.10
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