Simple Interest Quiz

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

• Principal
• Interest
• Rate
• Time

Tags

CCSS.7.RP.A.3

The Principal and Interest are always___________.

• fraction
• decimal
• percent
• dollar amount

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

• Principal
• Interest
• rate
• time

Tags

CCSS.HSA.SSE.A.1

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

The simple interest formula is I=Prt.  What does the t represent?

• Principle
• Interest
• Time
• Percent Rate

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

• $7.50
• $26.25
• $87.5
• $262.50

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

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

• $800
• $1,000
• $1,200
• $1,500

Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.

• 14
• 140
• 168
• 16.80

You have $3600 that you invest at 4% simple interest. How much would the balance be after 7 years?

• 3600
• 4608
• 1008
• 5000

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