Simple Interest Problems

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

• Principal
• Interest
• Rate
• Time

Tags

CCSS.7.RP.A.3

John put 14,000 Euros in an account at a simple interest rate of 1% per year.  How much interest will he get after 12 years?

• 16,800 Euros
• 168,000 Euros
• 1,680 Euros

Tags

CCSS.HSF.BF.A.2

Maria borrowed $3,000 at a simple interest rate of 4% per year.  How much did she have to repay after 4 years?

• $480
• $3,480
• $4,800
• $7,800

Tags

CCSS.7.RP.A.3

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

• Principal
• Interest
• rate
• time

Tags

CCSS.7.RP.A.3

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

Tags

CCSS.6.EE.B.7

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%

Tags

CCSS.7.RP.A.3

The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.

• fraction
• decimal
• ratio
• dollar amount

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

The Principal and Interest are always___________.

• fraction
• decimal
• percent
• dollar amount

If the time is given in months, you must first _____________ by 12.

• add
• subtract
• multiply
• divide

Tags

CCSS.6.RP.A.3B

Mr. Peterson paid $1,020 in interest for a loan, which was given to him at a rate of 5% for 3 years.  How much money did he borrow originally?

• $5,400
• $6,800
• $3,240
• $14,620

Tags

CCSS.7.RP.A.3