Simple Interest (7th Grade) 7th Grade Quiz

Simple Interest (7th Grade)

Assessment

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Deleted User

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Mathematics

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7th Grade

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320 plays

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Medium

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19 questions

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1.

Multiple Choice

30 sec

1 pt

Dalton has $40,000 in a savings account that earns 11% annually. The interest is not compounded. How much will he have in 3 years? Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), ris the interest rate expressed as a decimal, and t is the time in years.

53,200

900

13,222

243,442

2.

Multiple Choice

1 min

1 pt

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

3.

Multiple Choice

10 sec

1 pt

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

4.

Multiple Choice

5 mins

1 pt

Beyonce 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 8% for 5 years. What is the total amount that Beyonce will pay for the chair?

$2600

$910

$9100

$260

5.

Multiple Choice

1 min

1 pt

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

$800

$1,000

$1,200

$1,500

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