Compound Interest (without continuous compounding)
Authored by Wendy Edelkind
Mathematics
9th - 12th Grade
CCSS covered
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Caiden earned $475 from mowing lawns last summer.He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?
$827.52
$831.10
$839.45
$846.80
Tags
CCSS.HSA.CED.A.1
CCSS.HSA.SSE.A.1
CCSS.HSF.LE.A.1
CCSS.HSF.LE.A.2
CCSS.HSF.BF.A.1
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Emily’s parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semiannually,what will be the balance after 18 years?
$6,273.50
$6,314.08
$6,385.72
$6,427.94
Tags
CCSS.HSA.CED.A.1
CCSS.HSA.SSE.A.1
CCSS.HSF.LE.A.1
CCSS.HSF.LE.A.2
CCSS.HSF.BF.A.1
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Mark took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded monthly, how much total will he have paid after 5 years?
$33,299.42
$33,672.68
$34,157.04
$34,710.88
Tags
CCSS.HSA.CED.A.1
CCSS.HSA.SSE.A.1
CCSS.HSA.SSE.B.4
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Henley's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually,how much interest will they have paid after 30 years?
$412,749.79
$429,305.61
$471,259.24
$494,546.99
Tags
CCSS.HSA.CED.A.1
CCSS.HSA.SSE.A.1
CCSS.HSA.SSE.B.4
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much interest will she earn in 10 years?
$915.59
$933.28
$979.81
$1,005.09
Tags
CCSS.HSA.CED.A.1
CCSS.HSA.SSE.A.1
CCSS.HSF.LE.A.1
CCSS.HSF.BF.A.1
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Town Bank offers a 2.25% interest rate, while Charter One offers 2.8%. Both banks compound interest annually. If Rob wants to set up a new account with $5,000,how much more money will he earn at Charter One over Town Bank after 25 years?
$1,183.41
$1,209.79
$1,251.63
$1,324.10
Tags
CCSS.HSA.CED.A.1
CCSS.HSA.SSE.A.1
CCSS.HSF.LE.A.1
CCSS.HSF.LE.A.2
CCSS.HSA.SSE.B.4
CCSS.HSF.BF.A.1
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Twelve years ago, Claire put $1,800 in an account that pays an interest rate of 2.5% compounded semiannually.She now plans to take the money in that account and invest it in another account that earns 4% interest compounded monthly. How much money will be in this new account after 7 years?
$3,207.40
$3,348.96
$3,574.15
$3,733.62
Tags
CCSS.HSA.CED.A.1
CCSS.HSA.SSE.A.1
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