Simple and Compound Interest

Find the total amount of interest to the nearest cent if the interest is compounded annually. 
$2750 at 8% for 2 years

• $220.50
• $457.60
• $660.60
• 237.60

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

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?

• $7.50
• $26.25
• $87.5
• $262.50

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

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

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CCSS.7.RP.A.2

CCSS.7.RP.A.3

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

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.3

CCSS.7.RP.A.3

Phyllis went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase.  The bank said that she could get a simple interest rate of 5% for 5 years.  What is the total amount that Phyllis will pay for the chair?

• $2600
• $9100
• $8125
• $2650

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.2

CCSS.7.NS.A.3

CCSS.7.RP.A.3

Find the principal for a loan that has an earned interest of $3500 with an annual rate of 10% for 5 years.

• $7,000
• $6,500
• $5,000
• $3750

Tags

CCSS.7.EE.B.3

CCSS.7.EE.B.4

CCSS.7.RP.A.3

I = Prt where r represents the rate.  Rates must be converted into ____ before multiplying.

• fractions
• mixed numbers
• decimals
• percents

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

Robert invested $200 in a retirement account that had a rate of 20% that compounds annually.  If Robert leaves his money in for 3 years, how much money will be in his account rounded to the nearest cent?

• $240.50
• $300.60
• $288.00
• $345.60

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

Mickey earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 4 years rounded to the nearest cent?

• $827.52
• $551.42
• $539.45
• $646.80

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3