Simple Interest

Interactive Video
•
Mathematics
•
6th - 8th Grade
•
Medium
Wayground Content
Used 4+ times
FREE Resource
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5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary reason a bank pays interest on savings?
To encourage spending
To reduce taxes
To increase loan amounts
As a thank you for saving with them
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is simple interest calculated?
By adding the principal and interest rate
By multiplying the principal, interest rate, and time period
By dividing the interest rate by the time period
By subtracting the interest from the principal
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you earn 4% interest on £2,000 for five years, how much simple interest will you have paid?
£200
£400
£500
£800
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if money is not left in a bank account for a full year?
Interest rate increases
Only a fraction of the interest is paid
Full interest is paid
No interest is earned
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do banks prefer compound interest over simple interest?
It is a traditional method
It is more beneficial for the customer
It results in higher returns for the bank
It is easier to calculate
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