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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______.fractiondecimalratiodollar amount - 2. Multiple ChoiceThe simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.the amount of money borrowed or depositedthe percent interest for his yearthe amount taxedthe amount the bank owes you for being a customer at their bank
- 3. Multiple ChoiceStarting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?$7.50$26.25$87.5$262.50 - 4. Multiple Choice
The simple interest formula is I=Prt. The P represents the principal. The principal is ___________________.
the amount of money borrowed or deposited in a savings account
the percent interest for his year
the amount taxed
the amount the bank owes you for being a customer at their bank
- 5. 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 - 6. Multiple ChoiceIf you are calculating the simple interest and you are given the time in months, how can you find the time in years?Add 12 to the monthsdivide the months by 12multiply 12 times the monthsYou cannot change it to months.
- 7. Multiple ChoiceThe simple interest formula is I=Prt. What does the t represent?PrincipleInterestTime, in hoursTime, in years
- 8. 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?$150$192$1350$1392
- 9. Multiple ChoiceLeroy borrowed $1500 at an annual simple interest rate of 12%. He paid $270 in interest. For what time period did Leroy borrow the money?8 years0.015 years18 months18 years
- 10. Multiple ChoiceWhat is 7.25% converted to a decimal?.7250.7250.07257.25
- 11. Multiple ChoicePrincipal = $500
Interest earned in 4 years = $60.
Find the interest rate.1%2%3%4% - 12. Multiple ChoiceJenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?6%6%8%9%
- 13. Multiple ChoiceMaria borrowed $3,000 at a simple interest rate of 4% per year. How much did she have to repay after 4 years?$480$3,480$4,800$7,800
- 14. Multiple ChoiceAnn puts $300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?481216
- 15. Multiple ChoiceJenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?6%6%8%9%
- 16. Multiple Choice9 months is how many years?.5.75.25
- 17. Multiple ChoiceStarting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?$7.50$26.25$87.5$262.50 - 18. Multiple Choice
0.0252 converted to a percent is
25.2%
0.252%
2.52%
252%
- 19. Open Ended
Name one real-life use of simple interest.
- 20. Multiple Choice
If you pay your loan quarterly how many times a year must you make your payment?
26
1
4
52
- Answer choicesTagsAnswer choicesTags