Simple Interest

Simple Interest

I=PxRxT

​P=Principal or starting amount

r= Rate( percent that is converted to a decimal always. Move the decimal twice to the left)

t=Time (expressed in years or months)

Multiple Choice

The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.

• Fraction

• Decimal

• Ratio

• Dollar Amount

Multiple Choice

Write the percent as a decimal  37%

• 37

• 3.7

• .37

Multiple Choice

Write the percent as a decimal. 
4.3%

• 4.3

• .43

• .043

• 4300

Question #1

Ivan deposits $5,000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 3 years?

Dropdown

Ivan deposits $5,000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 3 years?

What is the principle? ​

Select answer

What is the rate? ​

Select answer

What is the time? ​

Select answer

Ivan deposits $5,000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 3 years?

Math Response

Ivan deposits $5,000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 3 years?

Type answer here

Correct Answer: 750

Deg^°

Rad

Question #2

Maria deposits $300 into an account that pays simple interest at a rate of 6% per year. How much interest will she be paid in the first 5 years?

Drag and Drop

Maria deposits $300 into an account that pays simple interest at a rate of 6% per year. How much interest will she be paid in the first 5 years?



$$I\ =\ P\cdot r\cdot t$$

= ​ (​

Placeholder

) x (

Placeholder

) (​​

Placeholder

)

Drag these tiles and drop them in the correct blank above

$300

.06

5 years

Maria deposits $300 into an account that pays simple interest at a rate of 6% per year. How much interest will she be paid in the first 5 years?

Math Response

Maria deposits $300 into an account that pays simple interest at a rate of 6% per year. How much interest will she be paid in the first 5 years?

Type answer here

Correct Answer: 90

Deg^°

Rad

Multiple Choice

Emilio borrows $1200 from a bank with 8.5% simple interest per year. How much will he have to pay back total in 2 years?

• $204

• $996

• $1,020

• $1,404

Multiple Choice

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% simple interest. If she spent $7400 on furniture, how much will she have paid in total after 8 years?

• $5624

• $13,024

• $56,240

• $1302.40

The End