Exchange rates and compound interest test, 8 grade

Question Nr. 1 out of 10

The same amount is invested for 2 years at 2% simple or compound interest. Which statement is correct?

Interest type has no effect

Compound interest gives the larger final amount

The results are always equal

Simple interest gives more

Question Nr. 2 out of 10

€1 = 2.00 USD. How many euros are needed to receive $280.00?

168 €

140 €

60 €

67 €

59 €

Question Nr. 3 out of 10

When exchanging €160 for dollars, offer A gives 1.13 USD per euro and offer B gives 1.18. Which gives more dollars?

There is not enough information

Both give the same amount

Offer B

Offer A

Question Nr. 4 out of 10

Which statement correctly explains how compound interest works?

The balance grows by the same fixed amount every period

Interest is always calculated only on the initial deposit

Compound interest can never exceed simple interest

Each period, interest is calculated on the current balance

Question Nr. 5 out of 10

When exchanging €130 for dollars, offer A gives 1.48 USD per euro and offer B gives 1.52. Which gives more dollars?

Offer B

Offer A

Both give the same amount

There is not enough information

Question Nr. 6 out of 10

A deposit of 2400 € earns 10% compound interest annually for 2 years. What is the final amount?

2640 €

2400 €

2904 €

2880 €

Question Nr. 7 out of 10

€1 = 1.32 USD. How many US dollars will you receive for €160?

203.46 USD

216.85 USD

211.2 USD

205.21 USD

203.89 USD

Question Nr. 8 out of 10

A loan of 1100 € is taken for one year at 10% interest with an additional fee of 80 €. What is the total repayment?

1210 €

1180 €

1100 €

1290 €

Question Nr. 9 out of 10

Which statement correctly explains how compound interest works?

The balance grows by the same fixed amount every period

Compound interest can never exceed simple interest

Each period, interest is calculated on the current balance

Interest is always calculated only on the initial deposit

Question Nr. 10 out of 10

A loan of 1600 € is offered. A: 3% interest plus a fee of 40 €. B: 6% with no fee. Which is cheaper?

There is not enough information

Offer B

Offer A

Both are equal

Test: Exchange rates and compound interest

Question Nr. 1 out of 10

Question Nr. 2 out of 10

Question Nr. 3 out of 10

Question Nr. 4 out of 10

Question Nr. 5 out of 10

Question Nr. 6 out of 10

Question Nr. 7 out of 10

Question Nr. 8 out of 10

Question Nr. 9 out of 10

Question Nr. 10 out of 10

Sample questions