Paying Off Simple Interest Loans
Authored by Deanna Broussard
10th - 11th Grade
CCSS covered
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10 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What does the "I" in the interest formula stand for?
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What does the "r" in the interest formula stand for?
Tags
CCSS.7.RP.A.3
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Principal = $800
Interest Rate = 3.5%
Time = 2 years
Find the interest earned.
Tags
CCSS.7.RP.A.3
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% in simple interest. What will be his balance after 15 years?
Tags
CCSS.7.RP.A.3
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Write the percent as a decimal.
5%
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.
Tags
CCSS.7.RP.A.3
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the formula to find the final payment on a loan?
Final Payment = Previous + Current Month's Interest
Final Payment = Previous / Current Month's Interest
Final Payment = Previous x Current Month's Interest
Final Payment = Previous - Current Month's Interest
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