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8.12.D Calculate and Compare Simple and Compound Interest

Quiz by Texas Education Agency

Grade 8
Mathematics
Texas Essential Knowledge and Skills (TEKS)

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Measures 1 skill from
Grade 8
Mathematics
Texas Essential Knowledge and Skills (TEKS)

8.12.D: Personal Financial Literacy

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5 questions
Show answers
  • Q1
    Olivia will deposit $1,530 in an account that earns 6% simple interest every year. Her sister Melinda will deposit $1,500 in an account that earns 8% interest compounded annually. The deposits will be made on the same day, and no additional money will be deposited or withdrawn from the accounts. Which statement about the balances of Olivia’s account and Melinda’s account at the end of 3 years is true?
    Olivia’s account will have about $84.17 more than Melinda’s account.
    Melinda’s account will have about $5.40 more than Olivia’s account.
    Melinda’s account will have about $84.17 more than Olivia’s account.
    Olivia’s account will have about $5.40 more than Melinda’s account
    60s
    8.12.D: Personal Financial Literacy
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  • Q2
    Tamara invested $15,000 in an account that pays 4% annual simple interest. Tamara will not make any additional deposits or withdrawals. How much interest will Tamara earn on her investment at the end of 3 years?
    $450
    $600
    $1,800
    $1,873
    60s
    8.12.D: Personal Financial Literacy
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  • Q3
    Nicolas has $650 to deposit into two different savings accounts. • Nicolas will deposit $400 into Account I, which earns 3.5% annual simple interest. • He will deposit $250 into Account II, which earns 3.25 % interest compounded annually. Nicolas will not make any additional deposits or withdrawals. Which amount is closest to the total balance of these two accounts at the end of 2 years?
    $694.25
    $695.00
    $694.51
    $672.13
    60s
    8.12.D: Personal Financial Literacy
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  • Q4
    Mr. Wilkins deposited $2,500 in a new account at his bank. • The bank pays 6.5% interest compounded annually on this account. • Mr. Wilkins makes no additional deposits or withdrawals. Which amount is closest to the balance of the account at the end of 2 years?
    $2,835.56
    $2,825.00
    $2,513.00
    $2,662.50
    60s
    8.12.D: Personal Financial Literacy
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  • Q5
    Mr. Flores opened an account with a deposit of $5,000. • The account earned annual simple interest. • He did not make any additional deposits or withdrawals. • At the end of 4 years, the balance of the account was $6,500. What is the annual interest rate on this account?
    7.50%
    5.80%
    1.90%
    3.30%
    60s
    8.12.D: Personal Financial Literacy
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