Simple Interest

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

• Principle
• Interest
• Time
• Percent Rate

Tags

CCSS.7.RP.A.3

Starting money = $350.

Interest rate = 2.5%

TIme = 3 years.

How much interest do you pay?

• $7.50

• $26.25

• $87.5

• $262.50

Tags

CCSS.7.RP.A.3

The simple interest formula is I=Prt.

The P represents the principle.

The principle means ___________________.

• the amount of money borrowed or deposited

• the percent interest for his year

• Mr. Koller

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

Tags

CCSS.7.RP.A.3

Mrs. Kenny went to the mall and saw a Wonder Woman statue for $6500 that she wanted to purchase. The bank said that she could get a simple interest rate of 8% for 5 years. What is the total amount that she will pay for the statue?

• $2600

• $910

• $9100

• $260

Tags

CCSS.7.RP.A.3

AJ borrowed $4,000 for 5 years at 6% simple interest rate. How much interest did he pay?

• $800

• $1,000

• $1,200

• $1,500

Tags

CCSS.7.RP.A.3

Provi borrowed $3,500 for 3 years at 7½% simple interest rate.

How much interest did she pay?

• $0.075

• $787.50

• $810

• $812.50

Tags

CCSS.7.RP.A.3

If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?

• divide 12 by the months
• divide the months by 12
• multiply 12 times the months
• change the months to a decimal

Tags

CCSS.7.RP.A.3

Tye puts $300 in a bank account earning 4% interest. How much interest will he earn 1 year?

• $4

• $8

• $12

• $16

Tags

CCSS.7.RP.A.3

Aden borrows $1200 from a bank with 8% simple interest per year. What TOTAL amount will he have to pay back in 2 years? (Hint: the principle + the interest)

• $150

• $192

• $1350

• $1392

Tags

CCSS.7.RP.A.3

Starting money = $350.

Interest rate = 2.5%

TIme = 3 years.

How much interest is earned?

• $.025

• $26.25

• $87.5

• $262.50

Tags

CCSS.7.RP.A.3