Simple and Compound Interest Practice

Quiz
•
Mathematics
•
8th Grade
•
Hard
+5
Standards-aligned
Jesus Contreras
Used 107+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A student's parents invested $5,000 in a college savings account that pays 4.85% annual simple interest. No additional deposits or withdrawals will be made. Which amount is closest to the interest earned on the account at the end of 15 years?
$5,174.11
$10,174.11
$3,637.50
$8,637.50
Tags
CCSS.HSF.BF.A.2
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Mr. Jenkins deposited $1,250 into an account. He made no additional deposits or withdrawals. Mr. Jenkins earned 4.25% annual simple interest on the money in the account. What was the balance in dollars and cents in Mr. Jenkins's account at the end of 4 years?
$1,476.43
$226.43
$212.50
$1,462.50
Tags
CCSS.HSF.BF.A.2
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
An employee put $5,000.00 in a retirement account that offers 9% interest compounded annually. The employee makes no additional deposits or withdrawals. Which amount is closest to the interest the employee will have earned at the end of 5 years?
$229.09
$450.00
$2,250.00
$2,693.12
Tags
CCSS.HSF-LE.A.1C
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
An investor puts $2,500 into a life insurance policy that pays 8.5% simple annual interest. If no additional investment is made into the policy, how much accumulated interest should the investor expect at the end of 10 years?
$21,250.00
$2,125.00
$212.50
$21.25
Tags
CCSS.HSF.BF.A.2
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Mr. and Mrs. Steele deposited $8,000 to open a college savings account for their granddaughter on the day she was born. The account pays 5% simple interest annually. If they made no other deposits or withdrawals since then, how much money would be in the account after 18 years?
$7,200
$8,000
$15,200
$19,253
Tags
CCSS.HSF.BF.A.2
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Michelle has a balance of $950 in a savings account that pays 3% interest compounded annually. If Michelle makes no deposits or withdrawals, how much money will be in her savings account after 2 years?
$954.81
$1,004.00
$1,007.00
$1,007.86
Tags
CCSS.HSF.BF.A.2
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Brady deposited $600 into a new savings account that earns 2.5% simple interest. If Brady makes no other deposits or withdrawals, how much interest will the account have earned after 5 years?
$15
$70
$75
$125
Tags
CCSS.HSF.BF.A.2
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