Simple and Compound interest

Change 6.75% to a decimal.

• 67.5
• .675
• 675
• .0675

Tags

CCSS.7.NS.A.2

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

Tags

CCSS.7.RP.A.3

What is the correct definition of interest?

• money paid to you by a bank for the money you have in a bank account
• put into a bank account
• to borrow something
  

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

Julie borrowed $3,500 for 3 years at 7½% simple interest rate. 
How much interest is that?

• Julie borrowed $3,500 for 3 years at 7½% simple interest rate. 
  How much interest is that?
• $787.50
• $810
• $812.50

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

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?

• $2600
• $910
• $9100
• $260

Tags

CCSS.HSF.BF.A.2

Brandon has already saved $1,220 for college. He expects the total cost of his first year to be $9,850, and expects to receive a scholarship for $2,120. How much money should Brandon save each week in order to have enough money in 2 years to pay for his first year of college?

• $62.60
• $74.33
• $103.37
• $271.25

Tags

CCSS.7.EE.B.3

The Arnold's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually, how much total will they have paid after 30 years?

• $412,749.79
• $529.305.61
• $689,546.99
• $640,891.53

Tags

CCSS.HSF-LE.A.1C

Brian is buying a car and he has two options.
Option 1: $14000      5% interest compounded annually for 5 years
Option 2: $15000      3% interest compounded annually for 6 years
Which statement is true? 

• Option 1 is better because the total price is about $43 cheaper than option 2
• option 2 is better because it is about $43 cheaper than option 1
• option 1 is better  because it is about $200 cheaper than option 2
• option 2 is better because it is about $200 cheaper than option 1

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2