7th Georgia Milestone Review - Simple Interest

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.NS.A.3

CCSS.7.RP.A.3

Write the decimal as a percent. 
0.37

• 37%
• 3.7%
• .37%

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CCSS.7.RP.A.2

CCSS.7.RP.A.3

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

• Important
• Interest
• Internet
• Igloo

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CCSS.7.RP.A.3

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.EE.B.3

CCSS.7.RP.A.3

Calculate the interest. I = PRT,

Principal = $1000,

Rate = 6%,

Time = 2 years

• $100

• $120

• $180

• 1200

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CCSS.7.RP.A.3

Calculate the interest.  I = PRT,
Principal = $10000,
Rate = 7%,
Time = 20 years

• 1400
• 1000
• 14000
• 14

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CCSS.7.EE.B.3

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.3

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

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CCSS.7.RP.A.3