
Understanding Simple and Compound Interest

Interactive Video
•
Mathematics, Business, Life Skills
•
6th - 10th Grade
•
Medium
Standards-aligned

Emma Peterson
Used 10+ times
FREE Resource
Standards-aligned
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main reason banks pay interest on savings accounts?
To increase loan interest rates
To reduce the number of account holders
To thank customers for choosing their bank
To encourage spending
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which formula is used to calculate simple interest?
I = P + RT
A = P(1 + r/n)^(nt)
I = PRT
A = P(1 + rt)
Tags
CCSS.7.RP.A.3
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you deposit $1,000 at a 6% interest rate for one year, how much interest will you earn?
$6
$600
$6000
$60
Tags
CCSS.7.RP.A.3
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a more realistic interest rate for savings accounts in the real world?
0.5%
10%
6%
5%
Tags
CCSS.6.RP.A.3C
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How much interest would you earn with a 0.5% interest rate on $1,000 for one year?
$500
$5
$50
$0.50
Tags
CCSS.7.RP.A.3
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the key difference between simple and compound interest?
Simple interest is calculated annually, compound interest monthly
Compound interest is always higher than simple interest
Compound interest earns interest on interest, simple interest does not
Simple interest is for loans, compound interest is for savings
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the compound interest formula, what does 'n' represent?
The total time in years
The principal amount
The interest rate
The number of times interest is compounded per year
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