Simple and Compound Interest

1.

Multiple Choice

15 mins

1 pt

Find the total amount in the account to the nearest cent if the interest is compounded annually.
$2750 at 8% for 2 years

$220

$440

$660

2.

Multiple Choice

15 mins

1 pt

The simple interest formula is A(t)=Pe^rt. What does the t represent?

Principle

Interest

Time

Percent Rate

3.

Multiple Choice

15 mins

1 pt

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much in simple interest interest?

$377.50

$376.25

$387.5

$262.50

4.

Multiple Choice

15 mins

1 pt

In the interest formulas. The P represents the principle. The principle is ___________________.

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

5.

Multiple Choice

15 mins

1 pt

Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?

$150

$192

$1350

$1392

6.

Multiple Choice

15 mins

1 pt

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?

$2600

$910

$9100

$260

7.

Multiple Choice

15 mins

1 pt

I = Prt where r represents the rate. Rates must be converted into ____ before multiplying.

fractions

mixed numbers

decimals

8.

Multiple Choice

15 mins

1 pt

Jimmy invested $200 in a retirement account that had a rate of 20% that compounds yearly. 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?

$29395

$293954.31

$293954

9.

Multiple Choice

15 mins

1 pt

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

$827.52

$837.67

$839.45

$846.80

10.

Multiple Choice

15 mins

1 pt

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?

$6,273.50

$6,314.08

$6,385.72

$6,427.94

11.

Multiple Choice

15 mins

1 pt

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.

$33,299.42

$33,672.68

$34,157.04

$34,389.55

12.

Multiple Choice

15 mins

1 pt

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

13.

Multiple Choice

15 mins

1 pt

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?

$412,749.79

$529.305.61

$689,546.99

$640,891.53

14.

Multiple Choice

30 sec

1 pt

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

15.

Multiple Choice

15 mins

1 pt

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?

$1,584.62

$2,651.39

$2,706.86

$1,825.10

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