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

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

    answer choices

    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?
    answer choices
    $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?
    answer choices
    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?
    answer choices
    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?
    answer choices
    150
    192
    1350
    1392
  • Question 6
    180 seconds
    Q.

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

    answer choices

    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?

    answer choices

    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.
    answer choices
    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?

    answer choices

    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______.
    answer choices
    fraction
    decimal
    ratio
    dollar amount
  • Question 11
    120 seconds
    Q. Write the percent as a decimal. 
    4.3%
    answer choices
    4.3
    .43
    .043
    4300
  • Question 12
    120 seconds
    Q. What does the "I" in the interest formula stand for?
    answer choices
    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?
    answer choices
    $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?

    answer choices

    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?

    answer choices

    $1,225,54

    $2,100.34

    $22,255.40

    $225.54

  • Question 16
    300 seconds
    Q.

    What does the rate have to be in?

    answer choices

    scientific notation

    negative integers

    positive integers

    decimal

  • Question 17
    180 seconds
    Q.

    the time has to be in _____________

    answer choices

    years

    months

    days

    seconds

  • Question 18
    180 seconds
    Q.

    The A means ____________ in compound interest

    answer choices

    annual

    amount in account

    answer

    accrued debt

  • Question 19
    300 seconds
    Q.

    compound means _____________

    answer choices

    principle added into the interest

    principle subtracted from the interest

    just interest

    flovela

  • Question 20
    180 seconds
    Q.

    interest is _________

    answer choices

    extra money paid for borrowing

    interesting

    Flocabulary songs

    time times rate

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