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
    answer choices
    $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?
    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. 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?
    answer choices
    $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.
    answer choices
    $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.
    answer choices
    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?
    answer choices
    $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?
    answer choices
    $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?
    answer choices
    $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?
    answer choices
    $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?
    answer choices
    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?
    answer choices
    $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?
    answer choices
    $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?
    answer choices
    $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?
    answer choices
    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? 
    answer choices
    $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? 
    answer choices
    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?
    answer choices
    8 years
    5 years
    18 months
    18 years
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