Simple and Compound Interest Practice

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

• $7.50
• $26.25
• $87.5
• $262.50

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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

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CCSS.7.RP.A.3

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

Write the percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

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CCSS.7.RP.A.3

CCSS.7.NS.A.3

Write the decimal as a percent. 
0.37

• 37%
• 3.7%
• .37%

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CCSS.7.RP.A.3

CCSS.7.RP.A.2

What does the "I" in the interest formula stand for?

• Important
• Interest
• Internet
• Igloo

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CCSS.HSF.BF.A.2

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

You lend $240 to your friend.  He pays you back $270.  What interest rate did you charge your friend?

• 88%
• 20%
• 12.5%
• 10%

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CCSS.6.RP.A.3C

Bob 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 Bob will pay for the chair?

• $2600

• $910

• $9100

• $260

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

• Principle

• Interest

• Time, in months

• Time, in years