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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 depositedthe percent interest for his yearthe amount taxedthe amount the bank owes you for being a customer at their bank - 2. Multiple ChoiceStarting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?$7.50$26.25$87.5$262.50 - 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 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.
- 5. Multiple ChoiceHow do you calculate the balance in an account, with interest?Subtract the interest from the principle amountMultiply the principle, rate and timeAdd the interest to the principle amountAdd the principle amount and the time
- 6. Multiple ChoiceChristian opened a savings account with $3250. His account will earn 5.2% simple interest. How much money will be in his account after 6 years?$4,264.00$1,104.00$1,100.00$4,400.00
- 7. Multiple ChoicePhilip has $300,000 in his retirement account, which earns 2.89% interest per year. How much money will he have in his account after 39 months?$28,1775.00$328,177.50$338,130.00$638,130.00
- 8. Multiple ChoiceSusan paid $3,000 in interest on a 60 month loan of $32,000. What was the interest rate on this loan?187.5%18.75%1.875%0.01875%
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