Compound Interest 7.RP.A.3 Grade 7 ACTASPIRE Practice Test Questions TOC | Lumos Learning

Compound Interest 7.RP.A.3 Question & Answer Key Resources Grade 7 Mathematics - Skill Builder + ACT Aspire Rehearsal

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John took a loan of $4000 from a bank. He paid $4410 at the end of two years and cleared the loan including the interest (compounded annually), the bank charged. What was the rate of interest per annum?

Select the correct answer.

  1. 4% p.a.
  2. 4.5% p.a.
  3. 3.5% p.a.
  4. 5% p.a.

Resource: Question

Question Type: Hot Text

Standard(s):7.RP.A.3

Standard Description: Use proportional relationships to solve multistep ratio and percent problems. Examples: simple interest, tax, markups and markdowns, gratuities and commissions, fees, percent increase and decrease, percent error.

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