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

The simple interest formula is I = Prt.  The P represents the principal what?

• 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

When using the formula I = Prt, how do you find the time in years if you are given a value in months?

• multiply the months by 52
• multiply the months by 12
• divide the months by 52
• divide the months by 12

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.RP.A.3

Nick invested $6000 at a yearly rate of 3%.  He earned $450 in interest.  How long was the money invested?

• 3 years
• 2 years
• 5 years
• 4 years

Tags

CCSS.7.RP.A.3

Julie borrowed $3,500 for 3 years at 7½% simple interest rate. How much interest is that?

• $3,500

• $787.50

• $810

• $812.50

Tags

CCSS.7.RP.A.3

Mike earned $3750 in his account after 50 years at a yearly simple interest rate of 7.5%.  How much did he have in his account when he started?

• $100
• $1000
• $1
• $10000

Tags

CCSS.7.RP.A.3

Emilio borrows $1200 from a bank with 8% simple interest per year. How much did he earn?

• $150

• $192

• $1350

• $96

Tags

CCSS.7.RP.A.3

Jon earned $50.  What simple interest rate did Jon pay if he borrowed $1000 in 6 months?

• 10%
• 1%
• 25%
• 2.5%

Tags

CCSS.7.RP.A.3

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