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- 1. Multiple ChoiceFind the total amount of interest to the nearest cent if the interest is compounded annually.
$2750 at 8% for 2 years$220.50$457.60$660.60237.60 - 2. Multiple ChoiceThe simple interest formula is I=Prt. What does the t represent?PrincipleInterestTimePercent Rate
- 3. Multiple ChoiceStarting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?$7.50$26.25$87.5$262.50 - 4. Multiple ChoiceThe simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.the amount of money borrowed or depositedthe percent interest for his yearthe amount taxedthe amount the bank owes you for being a customer at their bank
- 5. Multiple ChoiceEmilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?$150$192$1350$1392
- 6. Multiple ChoicePhyllis went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase. The bank said that she could get a simple interest rate of 5% for 5 years. What is the total amount that Phyllis will pay for the chair?$2600$9100$8125$2650
- 7. Multiple ChoiceFind the principal for a loan that has an earned interest of $3500 with an annual rate of 10% for 5 years.$7,000$6,500$5,000$3750
- 8. Multiple ChoiceI = Prt where r represents the rate. Rates must be converted into ____ before multiplying.fractionsmixed numbersdecimalspercents
- 9. Multiple ChoiceRobert invested $200 in a retirement account that had a rate of 20% that compounds annually. If Robert leaves his money in for 3 years, how much money will be in his account rounded to the nearest cent?$240.50$300.60$288.00$345.60
- 10. Multiple ChoiceMickey earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 4 years rounded to the nearest cent?$827.52$551.42$539.45$646.80
- 11. Multiple ChoiceEmily's parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded annually, what will be the total balance after 2 years?$3,273.50$1,314.08$2,385.72$1,757.71
- 12. Multiple ChoiceIf the balance at the end of eight years on an investment of $630 that has been invested at a rate of 9%, how much was the interest?$453.60$523.75$633.55$357.50
- 13. Multiple ChoiceIf the interest earned was $55.20 on an investment of $230 that has a rate of 3%, how long was the money invested?4 years8 years5 years6 years
- 14. Multiple ChoiceThe Henley's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually, how much will the loan be after 5 years?$45,689$240,689$195,000$41,925
- 15. Multiple ChoiceKennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded annually, how much total interest will she earn in 10 years?$490.50$900.75$350.25$992.78
- 16. Multiple ChoiceRiley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded annually, how much total interest will Riley earn in 15 years?$1,663.90$663.90$2,663.00$1,000.90
- 17. Multiple ChoiceAndrew borrows $79,500 for 2 years and earns $10,017 of simple interest. Calculate the interest rate?7%6%6.3%5.3%
- 18. Multiple ChoiceJohn wants to open a showroom and borrows $48,000 on 12% interest rate. He plans to pay this after 4 years. What will that total principal + interest payment be?$67,500$72,050$70,600$71,040
- 19. Multiple ChoiceBruno was given $2000 when he turned 3 years old. His parents invested it at a 2% interest rate compounded annually. No deposits or withdrawls were made. Which expression can be used to determine how much money Bruno had in the account when he turned 16?2000(1+0.02)132000(1-0.02)132000(1+0.02)162000(1-0.02)16
- 20. Multiple ChoiceLeroy borrowed $1500 at an annual simple interest rate of 12%. He paid $270 in interest. For what time period did Leroy borrow the money?8 years5 years18 months18 years
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