simple and compound interest review

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

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

Tags

CCSS.8.EE.C.7B

What is the compound interest formula is ______________.  

• A = P(2+r)^t 
• I= Prt
• A² + B² = C²
• A = P(1+r)^t 

The compound interest formula is:
A = P(1 + r)^t

What does the A represent?

• The amount of interest earned.
• The amount of time that has passed.
• The total amount of money after a certain amount of time.
• The amount required to invest.

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

• Principle
• Interest
• Time
• Percent Rate

Tags

CCSS.8.EE.C.7B

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

Tags

CCSS.7.RP.A.3

Principal = $350.
Interest rate = 2.5%
TIme = 3 years.
How much is the simple interest?

• $7.50
• $26.25
• $87.5
• $262.50

Tags

CCSS.7.RP.A.3

Find the simple interest to the nearest cent. $575 at 6.25% for 7 years.

• $249.55
• $2,515.63
• $251.56
• $25.15

Tags

CCSS.7.RP.A.3

Find the ending balance (to the nearest cent) if the interest in the account is compounded annually. 
$2750 at 8% for 2 years

• $2200.00
• $3207.60
• $8910.00
• $2750

Tags

CCSS.HSF-LE.A.1C

Bruno was given $2000 when he was born.  His parents invested it at a 2% interest rate compounded annually.  No deposits or withdrawals were made.  Which expression can be used to determine how much money Bruno had in the account when he turned 16? 

• 2000(1+0.02)¹⁶

• 2000(1-0.02)¹³
• 2000(1+0.16)²

• 2000(1-0.02)¹⁶

Tags

CCSS.HSF.BF.A.2

Craig borrows $1200 from a bank with 8% compound interest per year. Which amount represents how much he will have to pay back in 2 years?

• $192.00
• $199.68
• $1392.00
• $1399.68

Tags

CCSS.HSF-LE.A.1C