Simple Interest

The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.

• fraction
• decimal
• ratio
• dollar amount

Tags

CCSS.7.RP.A.3

Calculate the interest. I = PRT,

Principal = $1000,

Rate = 6%,

Time = 2 years

• $100

• $120

• $180

• 1200

Tags

CCSS.7.RP.A.3

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

• 4
• 8
• 12
• 16

Tags

CCSS.6.RP.A.3C

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

• Principle
• Interest
• Time, in hours
• Time, in years

Tags

CCSS.7.RP.A.3

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

• $800
• $1,000
• $1,200
• $1,500

Tags

CCSS.7.RP.A.3

Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?

• 95
• 105
• 125
• 135

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

Maria borrowed $3,000 at a simple interest rate of 4% per year. How much did she have to pay in interest after 4 years?

• $480

• $3,480

• $4,800

• $7,800

What is the simple interest formula?

• I=rt
• I=prt
• I=bh
• I=Bh

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

Determine the balance on a $250 account that earns 3% simple interest over 7 years.

• $52.50
• $302.50
• $53.00
• $305.00

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

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

• 14
• 140
• 168
• 16.80