Simple Interest and Review

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

• the amount of money borrowed or saved (invested or deposited in an account)

• the percent interest for his year

• the amount taxed

• the amount the bank owes you for being a customer at their bank

Tags

CCSS.7.RP.A.3

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

• fractions
• mixed numbers
• decimals

Tags

CCSS.7.RP.A.3

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

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

Tags

CCSS.8.EE.C.7B

If the time is given in months, you must first _____________ by 12.

• add
• subtract
• multiply
• divide

Tags

CCSS.4.MD.A.1

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest would he owe at the end of that time?

• $800

• $1,000

• $1,200

• $1,500

Tags

CCSS.7.RP.A.3

Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back TOTAL (principal AND interest combined) in 2 years?

• $150

• $192

• $1350

• $1392

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

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 year?

• $827.52

• $831.10

• $839.45

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

• 14
• 140
• 168
• 16.80

Tags

CCSS.7.RP.A.3

Find the ending balance:
$1,400 at 4% for 60 months

• $1,456
• $1,680
• $280
• $1,703.31

Tags

CCSS.7.RP.A.3