Simple Interest (7th Grade)
Mathematics
7th Grade
CCSS covered
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This quiz focuses on simple interest calculations, a fundamental topic in 7th-grade mathematics that introduces students to basic financial literacy concepts. The questions systematically build understanding of the simple interest formula I = Prt, where students must identify each variable (principal, rate, and time) and apply the formula in various real-world scenarios. Students need to demonstrate mastery of converting percentages to decimals, understanding that rates must be expressed as decimals in calculations, and recognizing when to convert time periods (such as months to years). The core mathematical skills required include decimal operations, percentage conversions, and multi-step problem solving. Students must also distinguish between calculating interest earned versus total amount owed, requiring them to understand that total payment equals principal plus interest. The word problems involve practical situations like bank loans, savings accounts, and major purchases, helping students connect mathematical concepts to real financial decisions they will encounter in their lives. This quiz was created by a classroom teacher who designed it for students studying simple interest in 7th grade mathematics. The assessment serves multiple instructional purposes, functioning effectively as a diagnostic tool to gauge student understanding before introducing more complex financial concepts, as guided practice during initial instruction, or as a comprehensive review before summative assessment. Teachers can use individual questions as warm-up problems to reinforce formula components, assign the complete quiz as homework to provide independent practice, or implement it as a formative assessment to identify students who need additional support with percentage-decimal conversions or multi-step calculations. The quiz aligns with Common Core State Standards 7.RP.A.3, which requires students to solve multi-step ratio and percent problems, and supports mathematical practices involving modeling real-world situations and attending to precision in calculations. This resource strengthens students' foundation in proportional reasoning while building essential financial literacy skills that extend well beyond the mathematics classroom.
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19 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dalton has $40,000 in a savings account that earns 11% annually. The interest is not compounded. How much will he have in 3 years? Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), ris the interest rate expressed as a decimal, and t is the time in years.
53,200
900
13,222
243,442
Tags
CCSS.HSF.BF.A.2
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.
Tags
CCSS.8.EE.C.7B
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?
Tags
CCSS.7.RP.A.3
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Beyonce 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 5 years. What is the total amount that Beyonce will pay for the chair?
Tags
CCSS.HSF.BF.A.2
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?
Tags
CCSS.7.RP.A.3
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Ann puts $300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?
Tags
CCSS.6.RP.A.3C
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?
Tags
CCSS.HSF.BF.A.2
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