Simple Interest

I = P x R x T

In this equation, the P stand for principal which is:

• The percent of interest

• The amount of time

• The amount of money earned

• The amount of money invested or borrowed

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CCSS.6.EE.B.7

I = P x R x T

In this equation, the R stands for rate which is:

• The percent of interest

• The amount of time

• The amount of money earned

• The amount of money invested or borrowed

Tags

CCSS.6.EE.B.7

To turn a percent into a decimal:

• move the decimal two place values to the right

• divide the percent by 100

• put a decimal in front of the numbers

• move the decimal two place values to the left

If Neil invests $2,000 in the bank at a rate of 5.5% for 6 years how much interest will he make?

• $66

• $6,600

• $2,660

• $660

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P = $5660 R = 11% T = 9 months

How much interest is earned?

• $5603.40

• $6126.95

• $466.95

• $4669.50

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CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

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P = $180 R = 3% T = 1¹/₄ year

What is the interest is earned?

• $675

• $6.75

• $6.15

• $186.75

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CCSS.7.EE.B.3

CCSS.7.RP.A.3

Nicole takes out a loan for $6,000 to buy a car. The bank charges her 18% interest for the loan. After 5 years, how much interest will be added on to the loan?

• $540,000

• $5,400

• $54,000

• $540

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CCSS.HSA.REI.A.1

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Jessie invests $3,500 in the stock market. Over the 3 years he has this invested, he gets an average return of 7.8%. How much will his investment be worth after the 3 years?

• $4319

• $81,900

• $819

• $8,190

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Alex takes out a personal loan of $2,000 to pay medical bills. He pays the entire loan off in one year including 5% interest. How much does he pay

• $100

• $2,100

• $400

• $2,400

Raven also takes out a personal loan of $2,000 to pay medical bills. She pays the entire loan off in 4 years including 5% interest. How much does she pay

• $100

• $2,100

• $400

• $2,400

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