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Quizizz Name :

Class :

Simple and Compound Interest Date :

a) Principle b) Interest

a) A = P(2+r)t b) I= Prt

c) A2 + B2 = C2 d) A = P(1+r)t

A = P(1 + r)t

a) The amount of interest b) The amount of time that has

earned. passed.

c) The total amount of money d) The amount required to invest.

after a certain amount of time.

4. Principal = $350.

Interest rate = 2.5%

TIme = 3 years.

How much simple interest?

a) $7.50 b) $26.25

c) $87.5 d) $262.50

5. Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to

purchase. The bank said that she could get a simple interest rate of 8% for 5 years. What is the total amount

that Beyonce will pay for the chair?

a) $2600 b) $910

c) $9100 d) $260

https://quizizz.com/print/quiz/57d7f8a02fc24abb07638aa6 1/4

12/10/2018 Simple and Compound Interest | Print - Quizizz

a) a charge for lending money b) the amount owed for

borrowing the amount charged

to borrow or the amount

earned on

savings/investments

c) the amount added into your d) a charge for convenience of

savings account when accessing money in your bank

opening a bank account

7. To earn as much interest as possible, you should open a savings account that earns ______ interest and has

the _____ interest rate.

a) compound; lowest b) compound; highest

8. Davy Crockett earned $10,000 from his raccoon skin hat company. He deposited it into an account that earned

3% interest compounded annually. How much interest did he earn after 4 years?

a) $11,255.09 b) $1255.09

c) $1200 d) $11,200

9. Bilbo Baggins earned $475 from walking long distances 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?

a) $827.52 b) $831.10

c) $839.45 d) $846.80

10. Jimmy Neutron borrows $1200 from a bank with .8% simple interest per year. How much will he have to pay

back total in 2 years?

a) $150 b) $19.20

c) $1219.20 d) $1392

11. Tuition for Bubba Gump University costs $10,000 per year. Forrest Gump would like to attend, and plans on

saving for the next 2 years. If he already has $4600 saved, what is the minimum amount needed to save per

month to cover one year of tuition?

a) $2700 per month b) $450 per month

12. The simple interest formula is I=Prt. What does the I represent?

a) Principle b) Interest

https://quizizz.com/print/quiz/57d7f8a02fc24abb07638aa6 2/4

12/10/2018 Simple and Compound Interest | Print - Quizizz

13. The simple interest formula is I=Prt. The P represents the principal. The principal is ___________________.

a) the amount of money b) the percent interest for his

borrowed or the original year

money deposited/invested

c) the amount taxed d) the amount the bank owes

you for being a customer at

their bank

a) .725 b) 0.725

c) 0.0725 d) 7.25

15. Find the simple interest to the nearest cent. $575 at 6.25% for 7 years.

a) $249.55 b) $2,515.63

c) $251.56 d) $25.15

16. Find the total amount in the account to the nearest cent if the interest is compounded annually.

$2750 at 8% for 2 years

a) $2200.00 b) $3207.60

c) $8910.00 d) $2750

17. Justin owes a friend money for a lawnmower he bought from him and borrows $1200 from a bank with 8%

simple interest per year. How much will he have to pay back total in 2 years?

a) $150 b) $192

c) $1350 d) $1392

18. Calvin earned $475 from mowing lawns last summer. He deposited this money in an account that pays an

interest rate of 3.8% compounded annually. How much will he have in 15 years?

a) $827.52 b) $831.10

c) $839.45 d) $846.80

19. Jimmy invested $200 in a retirement account that had a rate of 20% that compounds annually. If Jimmy puts

the money in when he is 24 and takes it out when he is 64, how much money will be in his account rounded to

the nearest dollar?

a) $29,395 b) $293,954.31

c) $293,954 d) $2,939

https://quizizz.com/print/quiz/57d7f8a02fc24abb07638aa6 3/4

12/10/2018 Simple and Compound Interest | Print - Quizizz

Answer Key

1. d 6. b 11. c 16. b

2. d 7. b 12. b 17. d

3. c 8. b 13. a 18. b

4. b 9. b 14. c 19. c

5. c 10. c 15. c

https://quizizz.com/print/quiz/57d7f8a02fc24abb07638aa6 4/4

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