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- 1. Multiple ChoiceThe simple interest formula is I=Prt. What does the t represent?PrincipleInterestTimePercent Rate
- 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 ChoiceIf you are calculating the simple interest and you are given the time in months. How can you find the time in years?divide 12 by the monthsdivide the months by 12multiply 12 times the monthschange the months to a decimal
- 4. Multiple ChoiceI = Prt where r represents the rate. Rates must be converted into ____ before multiplying.fractionsmixed numbersdecimals
- 5. Multiple ChoiceHolly is taking out a loan in the amount of $10,000. Her choices for the loan are a 4-year loan at 4% simple interest and a 6-year loan at 5% simple interest. What is the difference in the amount of interest Holly would have to pay for each of these two loans?$1,600$3,000$4600$1,400
- 6. Multiple ChoiceNicolas has $650 to deposit into two different savings accounts.
1) Nicolas will deposit $400 into Account 1, which earns 3.5% annual simple interest.
2) Nicolas will deposit $250 into Account 2, which earns 3¼% interest compounded annually.
Nicolas will not make any additional deposits or withdrawals. Which amount is closest to the total balance of these two accounts at the end of 2 years?$672.13$695.00$694.25$694.51 - 7. Multiple Choice
Interest earned on both the principal and any previously
earned interest is...
Compound Interest
Simple Interest
Interest Rate
Principal
- 8. Multiple Choice
What is the interest earned on option A?
$240
$1,040
$2,400
$3,200
- 9. Multiple Choice
What is the total value on option A?
$240
$1,040
$2,400
$3,200
- 10. Multiple Choice
Steven is going to deposit $700 in an account that earns 4.8% interest compounded annually. His wife Linda will deposit $800 in an account that earns 7.7% simple interest each year.
They deposit the money on the same day and make no additional deposits or withdrawals from the accounts. Which account will have the most and by how much after 7 years?
Linda by $431.20
Steven by $540.71
Linda by $259.29
Steven by $331.85
- Answer choicesTagsAnswer choicesTags