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Simple And Compound Interest
Test Description: Students will answer questions about simple and compound interest.
Instructions: Answer all questions to get your test result.
1) The simple interest formula is I=Prt. What does the t represent?
A
Principle
B
Interest
C
Time
D
Rate
2) The simple interest formula is I=Prt. The P represents the principle. The principle is ____________
A
the amount the bank owes you for being a customer
B
the amount taxed
C
the starting amount
D
the percent interest
3) Simple Interest: Emilia borrows $1200 from a bank with an 8% interest rate for 2 years. What is the amount of interest she will have to pay?
A
$135
B
$192
C
$1392
D
$150
4) If you are calculating simple interest and you are given the time in months, how can you find the time in years?
A
multiply 12 times the months
B
change the months to a decimal
C
divide 12 by the months
D
divide the months by 12
5) Jerry borrowed $4000 for 5 years at 6% simple interest rate. How much interest is that?
A
$1500
B
$800
C
$1000
D
$1200
6) What is 4.3% as a decimal?
A
0.043
B
4.3
C
0.43
D
4300
7) 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 years?
A
$831.10
B
$839.45
C
$4846.80
D
$827.52
8) What does the A represent in the compound interest formula?
A
The amount of interest earned
B
The amount of time that has passed
C
The starting amount
D
The total amount of money after a certain amount of time
9) Julie borrowed $3,500 for 3 years at 7½% simple interest rate. How much is Julie's total?
A
$3500.00
B
2712.50
C
$787.50
D
$4287.50
10) Your 6 year investment of $40,000 at 14% interest compounded annually is worth how much now?
A
$87798.90
B
$127798
C
$47798.90
D
$7798
11) You invested $1,900 at 4% interest compounded annually for 3 years. How much interest did you earn in 3 years?
A
$2137.24
B
$237.24
C
$3197.60
D
$2372.40
12) The Arnold's took out a loan for $195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?
A
$689546.99
B
$529305.61
C
$640891.53
D
$412749.79
13) When using the compound interest formula, how do you find the interest?
A
leave it alone
B
add the principle
C
subtract the principle
D
multiply the principle
*select an answer for all questions
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