Simple Interest, Taxes, Tips, and Commissions

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.3

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

• Principle
• Interest
• Time
• Percent Rate

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CCSS.7.RP.A.2

CCSS.7.RP.A.3

If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?

• divide 12 by the months
• divide the months by 12
• multiply 12 times the months
• change the months to a decimal

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CCSS.7.RP.A.3

Ann puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?

• 4
• 8
• 12
• 16

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CCSS.7.RP.A.2

CCSS.7.RP.A.3

Write the percent as a decimal. 
43%

• 4.3
• .43
• .043
• 4300

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CCSS.7.RP.A.3

What is 7.25% converted to a decimal?

• .725
• 0.725
• 0.0725
• 7.25

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CCSS.5.NBT.A.3

A bank is offering 2.5% simple interest on a savings account.  If you deposit $5,000, what will be the total amount of money in your savings account after three years?

• $375
• $42,500
• $5,375
• $37,500

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CCSS.7.RP.A.3

Sarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%.  What is the total amount she will repay for the car loan?

• $504,000
• $5,040
• $23,040
• $18,000

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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

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CCSS.7.RP.A.2

CCSS.7.RP.A.3

What is 0.02 as a percent?

• 20%
• 2%
• 0.2%
• 200%

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CCSS.7.RP.A.3