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- 1. Multiple Choice
When calculating
interest, how do you write the percent?
a fraction
a decimal
a round number
not enough information
- 2. Multiple ChoiceJerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?$800$1,000$1,200$1,500
- 3. Multiple Choice
The simple interest formula is I=Prt. What does the t represent?
Principle
Interest
Time
Percent Rate
- 4. Multiple Choice
Write the percent as a decimal.
4.3%4.3.43.0434300 - 5. Multiple ChoiceWhat does the "I" in the interest formula stand for?ImportantInterestInternetIgloo
- 6. Multiple Choice
The compound interest formula is:
A = P(1 + r)t
What does the A represent?
The amount of interest earned.
The amount of time that has passed.
The total amount of money after a certain amount of time.
The amount required to invest.
- 7. Multiple Choice
the time has to be in _____________
years
months
days
seconds
- 8. Multiple ChoiceA bank is offering 7% annual compound interest on a savings account. If you deposit $1,500, what will be the total amount of money in your savings account after three years?$337.56$1837.56$31500$30000
- 9. Multiple ChoiceThe rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.fractiondecimalratiodollar amount
- 10. Multiple ChoiceA bank is offering 2.5% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in three years?$5375$375$37500$42500
- 11. Multiple ChoiceSarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%. How much interest will she pay at the end of the 4 years?$5040$23040$504000$18000
- 12. Multiple ChoiceJerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?$800$1,000$1,200$1,500
- 13. Multiple Choice
Paul deposits $4000 in a bank which pays a compound interest rate of 4% per year. How much will he have in 5 years.
$4866.61
$5628.40
$6077.53
$6326.60
- 14. Multiple ChoiceJerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?$800$1,000$1,200$1,500
- 15. Multiple ChoiceWhat is the formula for simple interest?A=P(1+r)tI=PrtI=P(1+r)tA=Prt
- 16. Multiple ChoiceI = Prt where r represents the rate. Rates must be converted into ____ before multiplying.fractionsmixed numbersdecimalsintegers
- 17. Multiple ChoiceAnn puts $300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?481216
- 18. Multiple ChoiceFind the simple interest:
Principal: $6,000
Interest Rate: 5%
Time: 6 months$150$1,800$1,500$15,000 - Answer choicesTagsAnswer choicesTags