EXERCISE 1 CH 3

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

• the amount of money

• the percent interest for his year

• the rate

• the percent proportion

Tags

CCSS.7.RP.A.3

Alexton the Skeleton borrowed $4,000 for 5 years at 6% simple interest rate to pay for his band equipment. How much interest is that?

• $800

• $1,000

• $1,200

• $1,500

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

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.7.RP.A.3

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. What will the value of Jerry's account be after 5 years?

• $520,000

• $120,000

• $5,200

• $1,200

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

Pennywise puts $300 in a bank account earning 4% interest. How much will he earn in interest in 1 year?

• 4

• 8

• 12

• 16

Tags

CCSS.7.RP.A.3

Mr. Pham has $410,000 in a retirement account that earns 3.85% simple interest each year. Determine the amount earned each year by this investment.

• $15,785

• $157,850

• $425,785

Tags

CCSS.7.RP.A.3

Maria 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

Tags

CCSS.7.RP.A.3

John put 14,000 Euros in an account at a simple interest rate of 1% per year.  How much interest will he get after 12 years?

• 16,800 Euros
• 168,000 Euros
• 1,680 Euros

Tags

CCSS.HSF.BF.A.2

Anna invested $2,500 at an annual rate of 5%.  How long will it take until Anna earns $1,125 in interest?

• 5 years
• 8 years
• 10 years
• 9 years

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

Jack deposited $1,400 in his bank account.  After 3 years, the account earned $294 in interest.  Find the simple interest rate.

• 5%
• 8%
• 7.25%
• 7%