 Simple Interest
a year ago
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Practice 10 QuestionsShow answers
• Question 1
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 2
120 seconds Q.

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

• Question 3
120 seconds Q.

43.5% of this skeleton's body is his the mermaid tail. Write that percent as a decimal.

4.35

.435

.0435

4300

• Question 4
120 seconds Q.

What does the "I" in the interest formula stand for?

It

Interest

Ignoramus

• Question 5
300 seconds Q.

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

• Question 6
300 seconds Q.

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

• Question 7
300 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 8
300 seconds Q.

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

• Question 9
180 seconds Q.

Pennywise puts \$300 in a bank account earning 4% interest. How much will he earn in interest in 1 year?

4

8

12

16

• Question 10
30 seconds
Q.

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.