Simple and Compound 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

When calculating

interest, how do you write the percent?

• a fraction

• a decimal

• a round number

• not enough information

Tags

CCSS.7.RP.A.3

CCSS.7.EE.B.3

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

• Principle

• Interest

• Time

• Percent Rate

Tags

CCSS.8.EE.C.7B

Principal = $800

Interest Rate = 3.5%

Time = 6 months

Find the interest earned.

• $14

• $140

• $168

• $16.80

Gilberto invests $10,000 in a savings account that pays 4.75% simple interest. If Gilberto makes no withdrawals or deposits to the account, how much will be in the account after 7 years?

• $3,325

• $13,325

• $13,838.16

• $13,000

Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much interest will she earn in 10 years?

• $915.59

• $933.28

• $979.81

• $1,005.09

Jared invests $10,000 in a savings account that pays 3% simple interest. How many years will it take for the account to grow to $12,700, if he makes no withdrawals or deposits?

• 7 years

• 12 years

• 9 years

• 22 years

Travis invests $25,000 in a savings account that pays 2.75% simple interest. How much interest does he earn each year?

• $787.50

• $625

• $657.50

• $687.50

Sharyce put some money in a savings account that paid 2.7% simple interest. After a year, the account was worth $7,890.44. What was the amount Sharyce originally deposited?

• $7,200

• $7,683

• $7,500

• $7,700

Tags

CCSS.7.RP.A.3

Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually,how much interest will Riley earn in 15 years?

• $1,584.62

• $1,651.39

• $1,706.86

• $1,893.45