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- 1. Multiple Choice
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
- 2. Multiple Choice
The simple interest formula is I=Prt. The P represents the principal. The principal is ___________________.
the amount of money
the percent interest for his year
the rate
the percent proportion
- 3. Multiple Choice
43.5% of this skeleton's body is his the mermaid tail. Write that percent as a decimal.
4.35
.435
.0435
4300
- 4. Multiple Choice
What does the "I" in the interest formula stand for?
It
Interest
the Headless Iron Man
Ignoramus
- 5. Multiple Choice
This mysterious hand went to the mall and saw a massage chair that he would have to take a loan out to purchase. The total of the loan was $6600. The bank said that he could get a simple interest rate of 8% for 5 years. What is the total amount that the mysterious hand will pay for the chair?
$2600
$924
$9240
$260
- 6. Multiple Choice
Alexton the Skeleton borrowed $4,000 for 5 years at 6% simple interest rate to pay for his band equipment. How much interest is that?
$800
$1,000
$1,200
$1,500
- 7. Multiple Choice
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
- 8. Multiple Choice
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. What will the value of Jerry's account be after 5 years?
$520,000
$120,000
$5,200
$1,200
- 9. Multiple Choice
Pennywise puts $300 in a bank account earning 4% interest. How much will he earn in interest in 1 year?
4
8
12
16
- 10. Multiple Choice
Mr. Pham has $410,000 in a retirement account that earns 3.85% simple interest each year. Determine the amount earned each year by this investment.
$15,785
$157,850
$425,785
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