Simple And Compound Interest Question Preview (ID: 50162)


Students Will Answer Questions About Simple And Compound Interest. TEACHERS: click here for quick copy question ID numbers.

What does the A represent in the compound interest formula?
a) The amount of interest earned
b) The total amount of money after a certain amount of time
c) The amount of time that has passed
d) The starting amount

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) $827.52
b) $831.10
c) $839.45
d) $4846.80

Jerry borrowed $4000 for 5 years at 6% simple interest rate. How much interest is that?
a) $800
b) $1200
c) $1000
d) $1500

What is 4.3% as a decimal?
a) 4.3
b) 0.043
c) 0.43
d) 4300

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) $150
b) $135
c) $192
d) $1392

If you are calculating simple interest and you are given the time in months, how can you find the time in years?
a) divide 12 by the months
b) multiply 12 times the months
c) divide the months by 12
d) change the months to a decimal

The simple interest formula is I=Prt. The P represents the principle. The principle is ____________
a) the starting amount
b) the amount taxed
c) the percent interest
d) the amount the bank owes you for being a customer

The simple interest formula is I=Prt. What does the t represent?
a) Principle
b) Interest
c) Time
d) Rate

Julie borrowed $3,500 for 3 years at 7½% simple interest rate. How much is Julie's total?
a) $787.50
b) $3500.00
c) 2712.50
d) $4287.50

Your 6 year investment of $40,000 at 14% interest compounded annually is worth how much now?
a) $47798.90
b) $87798.90
c) $127798
d) $7798

You invested $1,900 at 4% interest compounded annually for 3 years. How much interest did you earn in 3 years?
a) $2372.40
b) $237.24
c) $2137.24
d) $3197.60

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) $412749.79
b) $689546.99
c) $529305.61
d) $640891.53

When using the compound interest formula, how do you find the interest?
a) add the principle
b) multiply the principle
c) subtract the principle
d) leave it alone

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