Practice Test 12.6

Front

What does the T mean in the Simple Interest Formula? I=P x R x T

Back

T represents time in years.

Front

All of these are ways to show multiplication except? 4(5), 4 x 5, 4·5, 4/5

Back

4/5 is not a way to show multiplication.

Front

How much is 1 dollar 55 cents in decimal form?

Back

$1.55

Front

Round 4.599 to the nearest hundredth.

Back

4.60 (4.6)

Front

If Trinity keeps $3,000 in a savings account that has a rate of 2.9%, how much simple interest will she have at the end of 10 years?

Back

$870.00

Front

What is the formula for calculating Simple Interest?

Back

Simple Interest = Principal x Rate x Time (I = P x R x T)

Front

Convert 2.9% to decimal form.

Back

0.029

Front

What is the principal in the Simple Interest formula?

Back

The principal is the initial amount of money deposited or invested.

Front

What does the R represent in the Simple Interest Formula? I=P x R x T

Back

R represents the annual interest rate as a decimal.

Front

What is the result of 4 x 5?

Back

20