6th-8th Grade Math: Consumer Math Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Sam deposits $5,000 into an account with an interest rate of 3% that is compounded monthly. Rounding to the nearest dollar, what is the balance after 10 years?

Question 2 2. In the compound interest formula, what does the n stand for?

Question 3 3. As she enters college, Amy puts $500 in a savings account that earns 3.5% simple interest yearly. At the end of 4 years, how much money will be in the account?

Question 4 4. Steve is trying to earn $300 in interest for a new guitar. He puts $2500 in an account that earns 2% interest yearly (simple interest). How long will it take to earn $300?

Question 5 5. Angela uses a coupon for 15% off her order at the Burger Shack. If she orders a $3.50 burger, $2 fries and a $1.50 lemonade, how much will she save?

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Question 6 6. Mary buys a pair of jeans for $24.99, a skirt for $32.99 and a pair of shoes for $49.99. She has a coupon for 15% off the most expensive item. If the tax is 7.5%, what is the total cost?

Question 7 7. Angela invested $4000 in an account that earns 5% interest yearly (simple interest). She forgets about it for 12 years. What is the TOTAL amount of money in the account after those 12 years?

Question 8 8. Tom deposits $2,000 into an account with an interest rate of 2.5% that is compounded quarterly. Rounding to the nearest dollar, what is the balance in Tom's account after 5 years?

Question 9 9. Which of the following is the correct formula for compound interest?

Question 10 10. Arnold invested $7000 in his account and he had $8050 after 4 years. What was the yearly interest rate (simple interest)?

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Question 11 11. Philip is buying a video game that normally costs $85. It's on sale for 25% off. He has a coupon that will save him an extra 10% off the sale price. What is the cost he'll pay?

Question 12 12. Kate is investing $1,000 and wants to double it in 8 years. What yearly, simple interest rate will she need to find?

Question 13 13. The listed price of a dress is $59.99. If the tax is 8%, what is the total cost?

Question 14 14. A laptop's original price is $795. If it's on sale for 20% off, what is the sale price?

Question 15 15. Becky deposits $12,000 into an account with an interest rate of 7% that is compounded monthly. Rounding to the nearest dollar, what is the balance after 7 years?

6th-8th Grade Math: Consumer Math Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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