 Simple and compound interest
2 years ago
jaimefavela
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Practice 20 QuestionsShow answers
• Question 1
180 seconds
Q.

The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.

the amount of money borrowed or deposited

the percent interest for his year

the amount taxed

the amount the bank owes you for being a customer at their bank

• Question 2
300 seconds
Q. Jerry borrowed \$4,000 for 5 years at 6% simple interest rate. How much interest is that?
\$800
\$1,000
\$1,200
\$1,500
• Question 3
300 seconds
Q. Julie borrowed \$3,500 for 3 years at 7½% simple interest rate.
How much interest is that?
Julie borrowed \$3,500 for 3 years at 7½% simple interest rate.
How much interest is that?
\$787.50
\$810
\$812.50
• Question 4
180 seconds
Q. Ann puts \$300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?
4
8
12
16
• Question 5
180 seconds
Q. Emilio 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
• Question 6
180 seconds
Q.

The simple interest formula is I=Prt. What does the t represent?

Principle

Interest

Time

Percent Rate

• Question 7
180 seconds
Q.

If 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 months

divide the months by 12

multiply 12 times the months

change the months to a decimal

• Question 8
180 seconds
Q. Principal = \$800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.
14
140
168
16.80
• Question 9
900 seconds
Q.

You lend \$240 to your friend. He pays you back \$30 in interest in one year. What interest rate did you charge your friend?

88%

20%

12.5%

10%

• Question 10
120 seconds Q. The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.
fraction
decimal
ratio
dollar amount
• Question 11
120 seconds Q. Write the percent as a decimal.
4.3%
4.3
.43
.043
4300
• Question 12
120 seconds Q. What does the "I" in the interest formula stand for?
Important
Interest
Internet
Igloo
• Question 13
900 seconds
Q. Caiden 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 15 year?
\$827.52
\$831.10
\$839.45
\$846.80
• Question 14
180 seconds
Q.

The compound interest formula is:

A = P(1 + r)t

What does the A represent?

The amount of interest earned.

The amount of time that has passed.

The total amount of money after a certain amount of time.

The amount required to invest.

• Question 15
120 seconds
Q.

If \$1,000 is invested at 16% interest, compounded annually, for five years, what is the ending balance?

\$1,225,54

\$2,100.34

\$22,255.40

\$225.54

• Question 16
300 seconds
Q.

What does the rate have to be in?

scientific notation

negative integers

positive integers

decimal

• Question 17
180 seconds
Q.

the time has to be in _____________

years

months

days

seconds

• Question 18
180 seconds
Q.

The A means ____________ in compound interest

annual

amount in account

accrued debt

• Question 19
300 seconds
Q.

compound means _____________

principle subtracted from the interest

just interest

flovela

• Question 20
180 seconds
Q.

interest is _________