11.3 Simple Interest and Compound Interest

11.3 Simple Interest and Compound Interest

11th Grade

6 Qs

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11.3 Simple Interest and Compound Interest

11.3 Simple Interest and Compound Interest

Assessment

Interactive Video

Created by

Erni HT

Mathematics

11th Grade

1 plays

Easy

6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Why does interest matter?

a. To help you understand your bank statement

b. To learn about saving and investing

c. Both a and b

d. None of the above

2.

OPEN ENDED QUESTION

3 mins • 3 pts

If you start with $100 in a savings account that offers 5% annual interest, how much would you have after 2 year with simple interest?

[Formula to find simple interest = P x R x T]

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3.

OPEN ENDED QUESTION

3 mins • 3 pts

If you start with $100 in a savings account that offers 5% annual interest compounded annually, how much would you have after 2 years?

[Formula to find the amount received when using compound interest = P x (1+R)T

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4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the main advantage of compound interest over simple interest?

It's easier to calculate

It grows faster over time

It's better for borrowers

It's more common in banking

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which type of interest is generally better for debts and loans

Simple Interest

Compound Interest

They are equally good for debts and loans

It depends on the specific situation

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Why is understanding the difference between simple and compound interest important?

a. To make informed decisions about saving and investing

b. To have a clearer picture of how your money is working for you

c. Both a and b

d. None of the above