Simple and Compound Interest
4 years ago
belguevara
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• Question 1
900 seconds
Q. Find the total amount of interest to the nearest cent if the interest is compounded annually.
\$2750 at 8% for 2 years
\$220.50
\$457.60
\$660.60
237.60
• Question 2
900 seconds
Q. The simple interest formula is I=Prt.  What does the t represent?
Principle
Interest
Time
Percent Rate
• Question 3
900 seconds
Q. Starting money = \$350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?
\$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 ___________________.
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?
\$150
\$192
\$1350
\$1392
• Question 6
900 seconds
Q. Phyllis 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 5% for 5 years.  What is the total amount that Phyllis will pay for the chair?
\$2600
\$9100
\$8125
\$2650
• Question 7
900 seconds
Q. Find the principal for a loan that has an earned interest of \$3500 with an annual rate of 10% for 5 years.
\$7,000
\$6,500
\$5,000
\$3750
• Question 8
900 seconds
Q. I = Prt where r represents the rate.  Rates must be converted into ____ before multiplying.
fractions
mixed numbers
decimals
percents
• Question 9
900 seconds
Q. Robert invested \$200 in a retirement account that had a rate of 20% that compounds annually.  If Robert leaves his money in for 3 years, how much money will be in his account rounded to the nearest cent?
\$240.50
\$300.60
\$288.00
\$345.60
• Question 10
900 seconds
Q. Mickey 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 4 years rounded to the nearest cent?
\$827.52
\$551.42
\$539.45
\$646.80
• 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 annually, what will be the total balance after 2 years?
\$3,273.50
\$1,314.08
\$2,385.72
\$1,757.71
• Question 12
900 seconds
Q. If the balance at the end of eight years on an investment of \$630 that has been invested at a rate of 9%, how much was the interest?
\$453.60
\$523.75
\$633.55
\$357.50
• Question 13
900 seconds
Q. If the interest earned was \$55.20 on an investment of \$230 that has a rate of 3%, how long was the money invested?
4 years
8 years
5 years
6 years
• 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 will the loan be after 5 years?
\$45,689
\$240,689
\$195,000
\$41,925
• Question 15
900 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 annually, how much total interest will she earn in 10 years?
\$490.50
\$900.75
\$350.25
\$992.78
• Question 16
900 seconds
Q. Riley invested \$1,000 in savings bonds. If the bonds earn 6.75% interest compounded annually, how much total interest will Riley earn in 15 years?
\$1,663.90
\$663.90
\$2,663.00
\$1,000.90
• Question 17
900 seconds
Q. Andrew borrows \$79,500 for 2 years and earns \$10,017 of simple interest. Calculate the interest rate?
7%
6%
6.3%
5.3%
• Question 18
900 seconds
Q. John wants to open a showroom and borrows \$48,000 on 12% interest rate. He plans to pay this after 4 years. What will that total principal + interest payment be?
\$67,500
\$72,050
\$70,600
\$71,040
• Question 19
900 seconds
Q. Bruno was given \$2000 when he turned 3 years old.  His parents invested it at a 2% interest rate compounded annually.  No deposits or withdrawls were made.  Which expression can be used to determine how much money Bruno had in the account when he turned 16?
2000(1+0.02)13
2000(1-0.02)13
2000(1+0.02)16
2000(1-0.02)16
• Question 20
900 seconds
Q. Leroy borrowed \$1500 at an annual simple interest rate of 12%.  He paid \$270 in interest.  For what time period did Leroy borrow the money?