Simple & Compound Interest

I = Prt where r represents the rate.  Rates must be converted into ____ before multiplying.

• fractions
• mixed numbers
• decimals
• integers

Tags

CCSS.6.EE.B.7

What does P stand for in I = Prt ?

• percent
• partner
• percent change
• principal

Tags

CCSS.6.EE.B.6

What is important about how time is calculated in I= Prt ?

• it must be in months
• it must be in years
• it is not calculated

Tags

CCSS.7.RP.A.3

John just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions enable him to earn MORE interest?

• selecting an account with a higher interest rate
• leaving his money in the account for a long period of time
• transferring money into his checking account each month
• higher interest rate AND leaving money in for a longer time

Tags

CCSS.7.RP.A.3

If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?

• divide 12 by the months
• multiply 12 times the months
• divide the months by 12
• change the months to a decimal

Tags

CCSS.8.EE.C.7B

To earn as much interest as possible, you should open a savings account that earns ______ interest and has the _____ interest rate.

• compound; lowest
• simple ; lowest
• compound ; highest
• simple ; highest

Tags

CCSS.7.RP.A.3

Ann puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?

• 4
• 8
• 12
• 16

Tags

CCSS.6.RP.A.3C

Smithville Bank is offering each of it's customers a record 3.4% interest on new savings account. If Mr. Thomas opens an account with $1,500, how much interest will he earn in 3 years?

• $15,300
• $1,530
• $153
• The answer is not shown

Tags

CCSS.HSF.BF.A.2

Find the simple interest:

Principal: $1735

Interest Rate: 8%

Time: 1 year

• $1,388

• $138.80

• $13.88

• None of the answers are correct.

Find the simple interest:

Principal: $6,000

Interest Rate: 5%

Time: 2 years

• 300

• 600

• 6000

• 60.0