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- 1. Multiple ChoiceInterest paid periodically and paid on the principal plus interest earned.Simple InterestCompound InterestHard InterestDouble Interest
- 2. Multiple ChoiceMoney paid to you by a financial institution when you deposit funds there.AllowanceIncomeInterestTips
- 3. Multiple ChoiceA quick way to estimate the amount of time it will take for your money to double when placed in a savings account at a given interest rate. 72 divided by interest rate.Rule of 27Rule of Doubles20/10 RuleRule of 72
- 4. Multiple ChoiceWhat is the typical relationship between time and interest rate?Longer time period usually equals higher interest ratesShorter time period usually equals higher interest ratesLonger time periods usually have no effect on interest rates.Shorter time periods usually have no effect on interest rates.
- 5. Multiple ChoiceTo earn as much interest as possible, you should open a savings account that earns _______interest and has the ______ interest rate.compound; lowestcompound; highestsimple; lowestsimple; highest
- 6. Multiple ChoiceAnthony is deciding between different savings accounts at his bank. He has four options,based on how frequently interest compounds. Which should he choose if he wants the best rate of return on his interest?Annual CompoundingSemi-Annual CompoundingMonthly CompoundingDaily Compounding
- 7. Multiple ChoiceYour returns (or interest rate) are 6% a year. How long before your investment doubles?18 years16 years12 years8 years
- 8. Multiple ChoiceWhat interest rate would you need to double $3500 in 9 years?7%10%8%38.8%
- 9. Multiple ChoiceJerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?$800$1,000$1,200$1,500
- 10. Multiple Choice
Write the percent as a decimal.
4.3%
4.3
.43
.043
4300
- Answer choicesTagsAnswer choicesTags