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- 1. Multiple ChoiceThe simple interest formula is I=Prt. What does the t represent?PrincipleInterestTimePercent Rate
- 2. Multiple Choice
Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest do you pay?
$7.50
$26.25
$87.5
$262.50
- 3. Multiple Choice
The simple interest formula is I=Prt.
The P represents the principle.
The principle means ___________________.
the amount of money borrowed or deposited
the percent interest for his year
Mr. Koller
the amount the bank owes you for being a customer at their bank
- 4. Multiple Choice
Mrs. Kenny went to the mall and saw a Wonder Woman statue for $6500 that she wanted to purchase. The bank said that she could get a simple interest rate of 8% for 5 years. What is the total amount that she will pay for the statue?
$2600
$910
$9100
$260
- 5. Multiple Choice
AJ borrowed $4,000 for 5 years at 6% simple interest rate. How much interest did he pay?
$800
$1,000
$1,200
$1,500
- 6. Multiple Choice
Provi borrowed $3,500 for 3 years at 7½% simple interest rate.
How much interest did she pay?
$0.075
$787.50
$810
$812.50
- 7. Multiple ChoiceIf you are calculating the simple interest and you are given the time in months. How can you find the time in years?divide 12 by the monthsdivide the months by 12multiply 12 times the monthschange the months to a decimal
- 8. Multiple Choice
Tye puts $300 in a bank account earning 4% interest. How much interest will he earn 1 year?
$4
$8
$12
$16
- 9. Multiple Choice
Aden borrows $1200 from a bank with 8% simple interest per year. What TOTAL amount will he have to pay back in 2 years? (Hint: the principle + the interest)
$150
$192
$1350
$1392
- 10. Multiple Choice
Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest is earned?
$.025
$26.25
$87.5
$262.50
- 11. Multiple Choice
Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the amount of interest earned.
$14
$140
$168
$16.80
- 12. Multiple Choice
Emma borrowed $4,000 for 5 years at 6% simple interest rate. How much interest did she pay?
$800
$1,000
$1,200
$1,500
- 13. Multiple Choice
Chloe borrowed $2,000 for 6 months at a 12% annual simple interest rate. How much interest did she pay?
(Hint: 6 months is only half a year)
$120
$144
$1,200
$1,440
- 14. Multiple Choice
Mr. McDonald needs to borrow money to buy a new $50,000 fishing boat. If he gets a simple interest loan for 6 years at a 4% interest rate, how much will he pay in all for the boat?
$12000
$62000
$38000
$51200
- 15. Multiple Choice
The simple interest formula is I=Prt.
The r stands for the rate. Which value would NOT be used use for the calculation?
The decimal form of the %
Move the decimal in the % two places to the left
The radius
The rate expressed as a decimal
- Answer choicesTagsAnswer choicesTags