7th-Compound/Simple Interest

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

• $800
• $1,000
• $1,200
• $1,500

Tags

CCSS.7.RP.A.3

What is the formula for simple interest?

• A=P(1+r)^t
• I=Prt
• I=P(1+r)t
• A=Prt

Tags

CCSS.8.EE.C.7B

I = Prt where r represents the rate.  Rates must be converted into ____ before multiplying.

• fractions
• mixed numbers
• decimals
• integers

Tags

CCSS.6.EE.B.7

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

What does P stand for in I = Prt ?

• percent
• partner
• percent change
• principal

Tags

CCSS.6.EE.B.6

What is important about how time is calculated in I= Prt ?

• it must be in months
• it must be in years
• it is not calculated

Tags

CCSS.7.RP.A.3

Find the total amount in the account to the nearest cent if the interest is compounded annually.

$2750 at 8% for 2 years

• $220

• $440

• $660

Tags

CCSS.HSF-LE.A.1C

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

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

fee paid for borrowing money

• interest

• credit

• debit

• tax

Tags

CCSS.7.RP.A.3