3Simple Interest

Page 31 in journals

SIMPLE INTEREST

Poll

How has your MINIMUM FRIDAY been so far?

• Good

• Bad

• Okay

• Great

• sleepy or stressed

Page 31 in journals

SIMPLE INTEREST

Multiple Choice

Convert 250% to a decimal.

• 25.0

• 2.50

• .250

• .025

Multiple Choice

25% as a decimal:  

• 0.25

• 02.5

• 25

• 2500

Multiple Choice

2% as a decimal:

• 0.02

• 0.2

• 2

• 20

Multiple Choice

120% as a decimal:

• 1.2

• 12

• 0.12

• 120

Multiple Choice

What is the formula for simple interest?

• T = pri

• I = prt

• R = ipt

• P = irt

Multiple Choice

The "p" in I = prt stands for...

• portion

• pre-Algebra

• percent

• principal

Multiple Choice

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

• the amount of money borrowed or deposited

• the percent interest for his year

• the amount taxed

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

Multiple Choice

What does the I in the interest formula stand for?

• installment

• investment

• interest

Multiple Choice

The "t" or time must always be expressed in...

• months

• days

• years

• hours

Multiple Choice

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

• Principle

• Interest

• Time

• Percent Rate

Multiple Choice

If you borrow money for 5 months, what do you use for your formula?

• .05

• 5/12

• 0.5

• 5/52

Multiple Choice

What does the r in the interest formula stand for?

• repayment

• rate

• ratio

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

Remember, we are talking about money, so you need dollars and cents.

Round to the nearest hundredth. No half pennies until we talk about investing (or debt) [Stay away from debt!!!!!].

Match

Match the following

• Interest

  I

• Prinicpal

  p

• Rate

  r

• Time

  t

55

500

missing

5

• 55

• 500

• missing

• 5

Match

Match the following

• Interest

  I

• Prinicpal

  p

• Rate

  r

• Time

  t

missing

318

.09

1

• missing

• 318

• .09

• 1

Match

Match the following

• Interest

  I

• Prinicpal

  p

• Rate

  r

• Time

  t

• TOTAL PAYMENT

11,000

9,000

missing

10

20,000

• 11,000

• 9,000

• missing

• 10

• 20,000

Match

Match the following

• Interest

  I

• Prinicpal

  p

• Rate

  r

• Time

  t

200

4000

.02

missing

• 200

• 4000

• .02

• missing

Match

Match the following

• Interest

  I

• Prinicpal

  p

• Rate

  r

• Time

  t

• TOTAL PAYMENT

2,320

8000

missing

4

10,320

• 2,320

• 8000

• missing

• 4

• 10,320

Match

Match the following

• Interest

  I

• Prinicpal

  p

• Rate

  r

• Time

  t

11,000

9000

missing

10

• 11,000

• 9000

• missing

• 10