Simple Interest

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.8.EE.C.7B

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

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

Principal = $500
Interest earned in 4 years = $60.
Find the interest rate.

• 1%
• 2%
• 3%
• 4%

Tags

CCSS.7.RP.A.3

Sam borrowed $4,500 for 2 years and had to pay $630 simple interest at the end of that time. What rate of interest did he pay?

• 6%

• 7%

• 8%

• 9%

Tags

CCSS.7.RP.A.3

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

• Principle
• Interest
• Time
• Percent Rate

Tags

CCSS.7.RP.A.3

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

Write the percent as a decimal.

4.3%

• 4.3

• .43

• .043

• 4300

Write the decimal as a percent.

0.37

• 37%

• 3.7%

• .37%

Anna invested $2,500 at an annual rate of 5%. How long will it take until Anna earns $1,125 in interest?

• 5 years

• 8 years

• 10 years

• 9 years

Tags

CCSS.6.EE.B.7