Simple and Compound Interest
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Question 1 of 6
1. Question
What is the formula used to find simple interest in a given situation?
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Question 2 of 6
2. Question
Match the correct definition with the corresponding vocabulary word:
Sort elements
- Principal
- Annual Rate of Interest
- Simple Interest
- Compound Interest
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The amount of money upon which interest is paid.
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The percentage an investor will earn on an investment each year.
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The amount of interest earned on the principal only.
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The interest that is earned on the principal and the interest already earned.
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Question 3 of 6
3. Question
Using the scenario below, what is the amount of simple interest earned?
Principal = $500
Rate = 4%
Time = 3 years
Simple interest = ___________
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Question 4 of 6
4. Question
To buy a computer, Raquel borrowed $3,000 at 9% interest for 4 years. How much simple interest did she have too pay back?
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Question 5 of 6
5. Question
Using the scenario below, what is the amount of compound interest earned?
Principal = $800
Rate = 5%
Time = 4 years
Compound interest = ___________
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Question 6 of 6
6. Question
Calculate the compound interest earned on a $6550 savings account compounded annually for 3 years at a 6% interest rate. (Round to the nearest cent)
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