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Simple Interest and Compound Interest

Simple Interest and Compound Interest

Assessment

Presentation

•

Mathematics

•

12th Grade

•

Hard

Created by

Joseph Anderson

FREE Resource

15 Slides • 30 Questions

1

media

Simple v. Compound Interest

2

Compound interest is earned on the principal AND on any earned interest.

Compound Interest

Simple interest is interest that is only earned on the initial investment or amount borrowed (principal).

Simple Interest

What's the difference?

3

Calculating SIMPLE interest

To calculate simple interest use the formula:

I=PRT​ (interest = principal x rate x time)

This formula will calculate the amount of interest earned. To find the total after interest, add the interest to the principal.​

If you are looking for the other variables, you have to move the formula around.​

For example, when looking for the P, divide the interest by RxT​.

When looking for the T, divide the interest by PxR.​

4

Multiple Choice

The simple interest formula is I=Prt.  What does the t represent?
1
Principle
2
Interest
3
Time, in hours
4
Time, in years

5

Multiple Choice

I = Prt where r represents the rate.  Rates must be converted into ____ before multiplying.
1
fractions
2
mixed numbers
3
decimals
4
integers

6

Multiple Choice

What does the "I" in the interest formula stand for?
1
Important
2
Interest
3
Internet
4
Igloo

7

Multiple Choice

What does the "r" in the interest formula stand for?
1
Principal
2
Interest
3
rate
4
time

8

Multiple Choice

Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?
1
95
2
105
3
125
4
135

9

Multiple Choice

Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?
1
$150
2
$192
3
$1350
4
$1392

10

media

This formula will calculate the total amount after interest.

If interest is compounded annually, n=1. If it is monthly, n=12. ​If it is quarterly, n=4.

Calculating Compound Interest

11

Multiple Choice

In the compound interest formula A=P(1+r)t what does the A stand for?

1

The amount of interest

2

The total amount

3

The interest rate

4

The time

12

Multiple Choice

In the compound interest formula A=P(1+r)t what does the P stand for?

1

The time

2

The total amount

3

The principal amount (original amount)

4

The interest rate

13

Multiple Choice

Jacob borrows $500 from Abraham and agrees to have the loan compounded annually for 5 years with an interest rate of 2.5%. How much will the total amount be that Jacob owes?

1

$565.70

2

$262609.38

3

$65.70

4

$630.20

14

Multiple Choice

Annually means how many times a year?

1

4

2

2

3

1

4

6

15

Multiple Choice

Semi-Annually means how many times a year?

1

4

2

2

3

1

4

6

16

Multiple Choice

Monthly means how many times a year?

1

4

2

12

3

52

4

365

17

Multiple Choice

the time has to be in _____________

1

years

2

months

3

days

4

seconds

18

Multiple Choice

Which is better to have when you invest money?

1

Compound Interest

2

Simple Interest

3

Good interest

4

Simpound Interest

19

Multiple Choice

Calculate the simple interest

I=prt

Principal =$250

rate= 4%

time= 3 years

1

$30

2

$300

3

.3

20

Multiple Choice

Ms. Samuel wants to borrow $18,500 for 12 years at a rate of .4%

How much interest will she pay to the investor?

Calculate the simple interest I=Prt

1

700

2

800

3

$888.00

21

Question #1

Ivan deposits $5,000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 3 years?

22

Dropdown

Ivan deposits $5,000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 3 years?

What is the principle? ​


What is the rate? ​


What is the time? ​

23

Ivan deposits $5,000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 3 years?

24

Math Response

Ivan deposits $5,000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 3 years?

Type answer here
Deg°
Rad

25

Question #2

Maria deposits $300 into an account that pays simple interest at a rate of 6% per year. How much interest will she be paid in the first 5 years?

26

Drag and Drop

Maria deposits $300 into an account that pays simple interest at a rate of 6% per year. How much interest will she be paid in the first 5 years?



I = P⋅r⋅tI\ =\ P\cdot r\cdot t

= ​ (​
) x (​
) x (​​
)
Drag these tiles and drop them in the correct blank above
$300
6%
5 years

27

Maria deposits $300 into an account that pays simple interest at a rate of 6% per year. How much interest will she be paid in the first 5 years?

28

Math Response

Maria deposits $300 into an account that pays simple interest at a rate of 6% per year. How much interest will she be paid in the first 5 years?

Type answer here
Deg°
Rad

29

Question #3

Jessica borrowed $500 from a bank for 2 years and was charged simple interest. The total interest that she paid on the loan was $70. As a percentage, what was the annual interest rate of her loan?

30

Match

Jessica borrowed $500 from a bank for 2 years and was charged simple interest. The total interest that she paid on the loan was $70. As a percentage, what was the annual interest rate of her loan?

Match the following

500

2

Unknown

70

Principle (P)

time (t)

rate (r)

Interest (I)

31

Jessica borrowed $500 from a bank for 2 years and was charged simple interest. The total interest that she paid on the loan was $70. As a percentage, what was the annual interest rate of her loan?

32

Math Response

Jessica borrowed $500 from a bank for 2 years and was charged simple interest. The total interest that she paid on the loan was $70. As a percentage, what was the annual interest rate of her loan?

Type answer here
Deg°
Rad

33

Question #4

Felipe invested in a savings bond for 6 years and was paid simple interest at an annual rate of 3%. The total interest that he earned was $540. How much did he invest?

34

Math Response

Felipe invested in a savings bond for 6 years and was paid simple interest at an annual rate of 3%. The total interest that he earned was $540. How much did he invest?

Type answer here
Deg°
Rad

35

Question #5

Chris borrowed $8,000 from a lender that charged simple interest at an annual rate of 7%. When Chris paid off the loan, he paid $1,680 in interest. How long was the loan for, in years?

36

Math Response

Chris borrowed $8,000 from a lender that charged simple interest at an annual rate of 7%. When Chris paid off the loan, he paid $1,680 in interest. How long was the loan for, in years?

Type answer here
Deg°
Rad

37

Question #6

To be able to go on a trip to South America, Ann decides to save for 4 years. She opens a savings account with $300. The account pays simple interest at an annual rate of 5%. She doesn't make any more deposits. What will the total amount in the account be (including interest)?

38

Math Response

To be able to go on a trip to South America, Ann decides to save for 4 years. She opens a savings account with $300. The account pays simple interest at an annual rate of 5%. She doesn't make any more deposits. What will the total amount in the account be (including interest)?

Type answer here
Deg°
Rad

39

Question #7

Josh deposits $5,000 into an account that pays simple interest at an annual rate of . He does not make any more deposits. He makes no withdrawals until the end of years when he withdraws all the money. What will the total amount in the account be (including interest)?

40

Math Response

Josh deposits $5,000 into an account that pays simple interest at an annual rate of . He does not make any more deposits. He makes no withdrawals until the end of years when he withdraws all the money. What will the total amount in the account be (including interest)?

Type answer here
Deg°
Rad

41

The End

42

Multiple Choice

Question image

A bank is offering 2.5% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in three years?

1

$5375

2

$375

3

$37500

4

$42500

43

Multiple Choice

Question image

Sarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%. What is the total amount she will repay for the car loan?

1

$50,4000

2

$5,040

3

$23,040

4

$18,000

44

Multiple Choice

Question image

Ricco deposits $500 in an account that earns 2.5% interest compounded annually for 3 years. Wally deposits $500 in an account that earns 5.1% interest compounded annually for 2 years. Who will earn the greatest amount of interest?

1

Ricco will earn $13.85 more than Wally

2

Wally will earn $13.85 more than Ricco

45

Multiple Choice

Question image

Both Ryan and Tom open their accounts with an initial deposit of $3500. They are both planning a six-year investment and will withdraw their money after 6 years. Who will have a greater balance in six years? How much more will that person have?

1

Tom will have $83.77 more than Ryan.

2

Ryan will have $83.77 more than Tom.

3

Ryan will have $3416.23 more than Tom.

4

Tom will have $3416.23 more than Ryan.

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Simple v. Compound Interest

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