2/6/2023 EM 7 Do Now Pre-Assessment Simple Interest

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

What does the "I" in the interest formula stand for?

• Principal

• Simple Interest

• Rate

• Time

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

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

• Time, in days

• Time, in months

• Time, in hours

• Time, in years

If the time is given in months, you must first _____________ the time by 12.

• add

• subtract

• multiply

• divide

The Principal and Interest are always a___________.

• fraction

• decimal

• percent

• dollar amount

Starting money = $350.

Interest rate = 2.5%

TIme = 3 years.

How much interest was earned?

• $7.50

• $26.25

• $87.5

• $262.50

Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 24 months?

• $150

• $192

• $1350

• $1392

Bellis 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 8% for 60 months. What is the total amount that Beyonce will pay for the chair?

• $2600

• $910

• $9100

• $260

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

• $800
• $1,000
• $1,200
• $1,500

Tags

CCSS.7.RP.A.3