Simple Interest

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

• Principle
• Interest
• Time, in hours
• Time, in years

Tags

CCSS.7.RP.A.3

Write the percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

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

True of False:  Before you can calculate INTEREST your time must be in MONTHS!

• FALSE
• TRUE

Tags

CCSS.7.RP.A.3

9 months is how many years? Remember there are 12 months in a year. 
9/12 = x/100
Cross multiply and divide 

• .5
• .75
• .25

Tags

CCSS.7.RP.A.2

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

Rachel invested $2,700 in a savings account earning 7% simple interest. If she invests for 2 years, how much money will she have in total?

• $3,078

• $378

• $40,500

• $4536

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3

Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that? Remember your time has to be in YEARS!!  6 months is half of a year or .5

• $120
• $144
• $1,200
• $1,440

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3

How much simple interest would be earned on a savings account of $4,500 at 5.5% interest per year after 24 months?

• $594,000

• $495

• $49,500

• $5,940

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.2

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