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- 1. Multiple Choice
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
- 2. Multiple ChoiceJerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?$800$1,000$1,200$1,500
- 3. Multiple ChoiceJulie 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 - 4. Multiple ChoiceAnn puts $300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?481216
- 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?15019213501392
- 6. Multiple Choice
The simple interest formula is I=Prt. What does the t represent?
Principle
Interest
Time
Percent Rate
- 7. Multiple Choice
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
- 8. Multiple ChoicePrincipal = $800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.1414016816.80 - 9. Multiple Choice
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%
- 10. Multiple Choice
The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.fractiondecimalratiodollar amount - 11. Multiple ChoiceWrite the percent as a decimal.
4.3%4.3.43.0434300 - 12. Multiple ChoiceWhat does the "I" in the interest formula stand for?ImportantInterestInternetIgloo
- 13. Multiple ChoiceCaiden 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
- 14. Multiple Choice
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.
- 15. Multiple Choice
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
- 16. Multiple Choice
What does the rate have to be in?
scientific notation
negative integers
positive integers
decimal
- 17. Multiple Choice
the time has to be in _____________
years
months
days
seconds
- 18. Multiple Choice
The A means ____________ in compound interest
annual
amount in account
answer
accrued debt
- 19. Multiple Choice
compound means _____________
principle added into the interest
principle subtracted from the interest
just interest
flovela
- 20. Multiple Choice
interest is _________
extra money paid for borrowing
interesting
Flocabulary songs
time times rate
- Answer choicesTagsAnswer choicesTags