Extra Review Interest Quiz

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

• Principle
• Interest
• Time
• Percent Rate

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

Leroy borrowed $1500 at an annual simple interest rate of 12%.  He paid $270 in interest.  For what time period did Leroy borrow the money?

• 8 years
• 0.015 years
• 18 months
• 18 years

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

Bruno was given $2000 when he turned 3 years old.  His parents invested it at a 2% interest rate compounded annually.  No deposits or withdrawls 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)¹³
• 2000(1-0.02)¹³
• 2000(1+0.02)¹⁶
• 2000(1-0.02)¹⁶

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

What is 7.25% converted to a decimal?

• .725
• 0.725
• 0.0725
• 7.25

Anthony has a balance of $10,000 on his credit card and the interest rate is 19%. To pay off the $10,000.00 in three years, Anthony will have to make a minimum payment of $365.56 per month. How much will Anthony pay in interest?

• $1,096.68
• $4,386.72
• $13,160.16
• $3,160.16

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

• fractions
• mixed numbers
• decimals

Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the simple interest earned.

• 14
• 140
• 168
• 16.80

Tags

CCSS.7.RP.A.3

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

• 6%
• 6.9%
• 8%
• 9%