Consumer Arithmetic

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

• It

• Interest

• the Headless Iron Man

• Ignoramus

Tags

CCSS.7.RP.A.3

This mysterious hand went to the mall and saw a massage chair that he would have to take a loan out to purchase. The total of the loan was $6600. The bank said that he could get a simple interest rate of 8% for 5 years. What is the total amount that the mysterious hand will pay for the chair?

• $2600

• $924

• $9240

• $260

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.7.RP.A.3

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

• 4

• 8

• 12

• 16

Tags

CCSS.7.RP.A.3

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

• Principal

• Interest

• rate

• time

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

• 4

• 8

• 12

• 16

Anna invested $2,500 at an annual rate of 5%. How long will it take until Anna earns $1,125 in interest?

• 5 years

• 8 years

• 10 years

• 9 years

Jack deposited $1,400 in his bank account. After 3 years, the account earned $294 in interest. Find the simple interest rate.

• 5%

• 8%

• 7.25%

• 7%

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