Simple Interest Practice

Front

Formula for Simple Interest

Back

Front

What does the "I" stand for in the formula I=prt?

Back

Interest

Front

What does the "p" represent in the formula I=prt?

Back

Original Amount Invested/Borrowed

Front

What label does the "r" have in the formula I=prt? Options: $, %, years, months

Back

%

Front

In the formula I=prt, what unit should 't' be measured in? Options: months, years, days, minutes.

Back

years

Front

What is the principal in the following situation?

Amaya plans to leave her savings account alone for the next 4 years. Her account currently has a $1500 balance and her interest rate is 18%.

Back

$1500

Front

What is the rate in the following situation? Jeremy takes out a loan of $30,000 to pay for college. He has to pay the loan back in the next 8 years at an interest rate of 7%.

Back

7%

Front

What time would you use in the formula I=prt for the following situation? Reyna inherits $50,000. She puts that money in a bank account that earns 8.5% interest, and doesn't touch the account for 42 months.

Back

3.5 years

Front

Reyna inherits $50,000 and puts it in a bank account earning 8.5% interest for 42 months. How much interest will Reyna earn?

Back

$14,875

Front

Interest earned over 15 years on $7,000 at 9.25% annual interest rate?

Back

$9,712.50