Simple Interest

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

• Principal
• Interest
• Rate
• Time

Tags

CCSS.7.RP.A.3

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

• Principal
• Interest
• rate
• time

Tags

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

Tags

CCSS.7.RP.A.3

CCSS.7.EE.B.3

If the time is given in months, you must first _____________ by 12.

• add
• subtract
• multiply
• divide

Tags

CCSS.6.RP.A.3B

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

• Principal
• Interest
• rate
• time

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

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

• $800

• $1,000

• $1,200

• $1,500

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

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. What will the value of Jerry's account be after 5 years?

• $520,000

• $120,000

• $5,200

• $1,200

You lend $240 to your friend. He pays you back $30 in interest in one year. What interest rate did you charge your friend?

• 88%

• 20%

• 12.5%

• 10%

Tags

CCSS.7.RP.A.3