Simple Interest

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

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

• $7.50
• $26.25
• $87.5
• $262.50

Tags

CCSS.7.RP.A.3

Julie borrowed $3,500 for 3 years at 7½% simple interest rate. 
How much interest is that?

• Julie borrowed $3,500 for 3 years at 7½% simple interest rate. 
  How much interest is that?
• $787.50
• $810
• $812.50

Tags

CCSS.7.RP.A.3

If you are calculating the simple interest and you are given the time in months, how can you find the time in years?

• Add 12 to the months
• divide the months by 12
• multiply 12 times the months
• You cannot change it to months.

Tags

CCSS.7.RP.A.3

How do you calculate the balance in an account, with interest?

• Subtract the interest from the principle amount
• Multiply the principle, rate and time
• Add the interest to the principle amount
• Add the principle amount and the time

Tags

CCSS.7.RP.A.3

Christian opened a savings account with $3250. His account will earn 5.2% simple interest. How much money will be in his account after 6 years?

• $4,264.00
• $1,104.00
• $1,100.00
• $4,400.00

Tags

CCSS.7.RP.A.3

Philip has $300,000 in his retirement account, which earns 2.89% interest per year. How much money will he have in his account after 39 months? 

• $28,1775.00
• $328,177.50
• $338,130.00
• $638,130.00

Tags

CCSS.HSF-LE.A.1C

Susan paid $3,000 in interest on a 60 month loan of $32,000. What was the interest rate on this loan? 

• 187.5%
• 18.75%
• 1.875%
• 0.01875%

Tags

CCSS.7.RP.A.3