Vini - Financial Literacy

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.7.RP.A.3

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.HSF.BF.A.2

Bruno was given $2000 when he turned 3 years old.  His parents invested it at a 2% interest rate compounded annually.  No deposits or withdrawls were made.  Which expression can be used to determine how much money Bruno had in the account when he turned 16? 

• 2000(1+0.02)¹³
• 2000(1-0.02)¹³
• 2000(1+0.02)¹⁶
• 2000(1-0.02)¹⁶

Tags

CCSS.HSF.BF.A.2

Find the total amount in the account to the nearest cent if the interest is compounded annually. 
$2750 at 8% for 2 years

• $2200.00
• $3207.60
• $8910.00
• $2750

Tags

CCSS.HSF-LE.A.1C

The compound interest formula is:
A = P(1 + r)^t

What does the A represent?

• The amount of interest earned.
• The amount of time that has passed.
• The total amount of money after a certain amount of time.
• The amount required to invest.

Tags

CCSS.HSA.SSE.A.1

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

• Principle
• Interest
• Time, in hours
• Time, in years

Tags

CCSS.8.EE.C.7B

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

Bridget put $450 into a savings account that earns 8% simple interest. How much will be in the account after 7 years?

• $252

• $702

• $771

• $198

Andy took out a $12,400 loan so that he could get the car that he wanted. The car salesman gave him the loan with a 7% compound interest rate. How much will Andy have to pay back in interest if he takes 4 years to pay it back?

• $3,853.87

• $3,917.55

• $3,472

• $16,253.87

Audi's parents put $1,500 in her bank account for college tuition. At a compound interest rate of 8%, what will be the balance after 18 years?

• $2160

• $3300

• $4494.03

• $5994.03