Simple Interest Quizizz 1

This is the word used to describe the amount of a loan

• Interest

• Principal

• Rate

• Time

Tags

CCSS.7.RP.A.3

This is the word used to describe the extra money you are charged for taking out a loan

• Interest

• Principal

• Rate

• Time

Tags

CCSS.7.RP.A.3

Select the equation you use to calculate Interest

• MV = P + I

• P = I * R * T

• I = P * R * T

• I = P * T

Tags

CCSS.7.RP.A.3

The Maturity Value of a loan is calculated by adding the principal and ___________ together

• Rate

• Time

• Principal

• Interest

Answer explanation

Maturity Value = Principal + Interest

Tags

CCSS.7.RP.A.3

Calculate the maturity value of a simple interest loan that had a principal of $1,457 with interest of $230.

• $1,227

• $1,457

• $1,687

Answer explanation

MV = P + I

MV = $1,457 + 230

MV = $1,687

Tags

CCSS.7.RP.A.3

Donald duck borrowed $123 dollars from Mickey Mouse at a simple interest rate of 3.5% for 3 years. Identify the principal of this loan.

• $123

• 3 years

• 3.5%

Answer explanation

Remember principal is the amount of the loan

Tags

CCSS.7.RP.A.3

Calculate the interest on a simple interest loan of $124,985. The loan was given for 3.5 years at a rate of 4.25%.

• $1,859,151.88

• $185,915.19

• $18,591.52

Answer explanation

I = P * R * T

I = $124,985 * .0425 * 3.5

I = $18,591.52

Tags

CCSS.7.RP.A.3

Calculate the interest on a loan that was given for $4,674 at a rate of 11.2% per year for 6 years.

• $314.09

• $3,140.93

• $31,409.28

Answer explanation

I = P * R * T

I = $4,674 * .112 * 6

I = $3,140.93

Tags

CCSS.7.RP.A.3

Find the maturity value on a loan of $38,720. The terms on the loan were 5.21% interest per year for 2 years.

• $42,754.62

• $4,034.62

• $34,685.38

• $39,241

Answer explanation

I = P * R * T

I = $38,720 * .0521 * 2

I = $4,034.62

MV = P + I

MV = $38,720 + $4,034.62

MV = $42,754.62

Tags

CCSS.7.RP.A.3

Aladdin gave magic carpet a loan of $1.35 at a rate of 3.15% per year for 4 years. Calculate the maturity value of the loan.

• $.17

• $1.18

• $1.52

• 3 gold coins

Answer explanation

Interest = P * R * T

Interest = $1.35 * .0315 * 4

Interest = $.17

MV = P + I

MV = $1.35 + $.17

MV = $1.52

Tags

CCSS.7.RP.A.3