SImple Interest Rate

SImple Interest Rate

By Cheri Medendorp

Multiple Choice

Write the decimal as a percent. 
0.37

• 37%
• 3.7%
• .37%

Multiple Choice

Write the percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

Multiple Choice

Convert 18 months to years. 

• 18 Years
• 1.5 Years
• .18 Years
• You cannot change it to years.

Multiple Choice

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

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

Multiple Choice

What does the "r" in the interest formula stand for?

• Principal
• Interest
• rate
• time

Multiple Choice

What does the "I" in the interest formula stand for?

• Important
• Interest
• Internet
• Igloo

Multiple Choice

The Principal and Interest are always___________.

• fraction
• decimal
• percent
• money

Multiple Choice

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

• $480
• $3,480
• $4,800
• $7,800

Multiple Choice

Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?

• $150
• $192
• $1350
• $1392

Multiple Choice

Sarah has $45,000 in student loans. if there is a 6% interest rate, how much will she pay back in interest over 10 years? 

• $27,000
• $72,000
• $270,000
• $315,000

Multiple Choice

Calculate the interest earned on a $4,500 savings account that earns 2.5% simple interest over three years.

• $338.00
• $33.80
• $33.75
• $337.50

Multiple Choice

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

• 95
• 105
• 125
• 135

Multiple Choice

Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?

• $120
• $144
• $1,200
• $1,440

Multiple Choice

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

• 6%
• 6%
• 8%
• 9%