Paying Off Simple Interest Loans

Paying Off Simple Interest Loans

10th - 11th Grade

10 Qs

quiz-placeholder

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Paying Off Simple Interest Loans

Paying Off Simple Interest Loans

Assessment

Quiz

10th - 11th Grade

Hard

CCSS
7.RP.A.3

Standards-aligned

Created by

Deanna Broussard

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

Principal
Interest
Rate
Time

Tags

CCSS.7.RP.A.3

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

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

Principal
Interest
rate
time

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.

56
140
168
16.80

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?

$270.75
$745.75
$2,707.50
$846.80

Tags

CCSS.7.RP.A.3

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Write the percent as a decimal. 
5%

5
.5
.05
500

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

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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