Simhttps://cf.quizizz.com/img/quizizz_logos/white-brple Interest

In the Simple Interest Formula, P represents the Principal. The Principal is ___________________________________________.

• The amount of money borrowed or deposited.

• The percentage interest for the year.

• The amount taxed.

• The amount the bank owes you for being a customer.

The Principal and Interest are always ___________________.

• fractions

• decimals

• percentage

• money

When calculating Simple Interest and the time is given in months, how do you convert to years?

• Add 12 to the months.

• Divide the months by 12.

• Multiply 12 times the months.

• It is impossible to change the months to years.

Julie borrowed $3,500 for 3 years at 7 1/2% simple interest rate. How much interest did you pay on the money borrowed?

• $78,750

• $787.50

• $810

• $812.50

Ann deposits $300 in her bank account, earning 4% interest. How much will she earn in interest in 1 year?

• $4

• $8

• $12

• $1200

What does "I" in the Simple Interest Formula represent?

• Interest accumulated per month

• The amount of money invested in the bank.

• The amount of money charged on a loan or paid on an investment.

• The rate at which payment would be calculated.

Convert 18 months to years.

• 1.8 years

• 2.5 years

• this cannot be converted

• 1.5 years

Principal = $500

Interest rate = 5%

Time = 5 years

What is the interest earned?

• $125

• $95

• $12,500

• $105

Emilio borrows $1,200 from the bank with 8% simple interest per year. What is the total amount he would repay in 2 years?

• $1,008

• $192

• $1,392

• $1,584

What would be the total amount in Jeffrey's account after investing $10,000 for 30 months at an interest rate of 16% per annum?

• $14,000

• $40,000

• $4,000

• $10,000