Simple Interest

The simple interest formula is I=Prt.  What does the t represent?

• Principle
• Interest
• Time
• Percent Rate

Tags

CCSS.8.F.B.5

The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  

• the amount of money borrowed or deposited
• the percent interest for his year
• the amount taxed
• the amount the bank owes you for being a customer at their bank

Tags

CCSS.HSA.SSE.A.1

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

Tags

CCSS.8.EE.C.7

Leroy 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 years
• 0.015 years
• 18 months
• 18 years

Tags

CCSS.8.EE.C.7

CCSS.8.F.B.4

What is 7.25% converted to a decimal?

• .725
• 0.725
• 0.0725
• 7.25

Tags

CCSS.8.NS.A.1

I = Prt where r represents the rate.  Rates must be converted into ____ before multiplying.

• fractions
• mixed numbers
• decimals

Tags

CCSS.8.NS.A.1

Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the simple interest earned.

• 14
• 140
• 168
• 16.80

Tags

CCSS.6.NS.B.3

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

• $7.50
• $26.25
• $87.5
• $262.50

Tags

CCSS.8.F.B.4

Principal = $500
Interest earned in 4 years = $60.
Find the interest rate.

• 1%
• 2%
• 3%
• 4%

Tags

CCSS.8.EE.C.7

CCSS.8.F.B.4

Jenna 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%

Tags

CCSS.8.EE.C.7

CCSS.8.F.B.4