Simple and Compound Interest

The formula for simple interest is:

I=Prt

What does the letter "P" stand for?

• Preferred

• Principal

• Project

• Predict

Tags

CCSS.6.EE.B.7

In the simple interest formula:

What does "R" stand for?

• Reflect

• Reverse

• Range

• Rate

Tags

CCSS.7.RP.A.3

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

• $1,200

• 800

• 1,500

• 1,000

Tags

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?

• 16

• 20

• 12

• 8

Tags

CCSS.7.RP.A.3

Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?

• 192

• 1392

• 152

• 1350

Tags

CCSS.7.RP.A.3

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

• Table

• Task

• Temperature

• Time

Tags

CCSS.8.EE.C.7B

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

• divide the months by 12

• change the months to a decimal

• multiply 12 times the months

• divide 12 by the months

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______.

• Dollar amount

• Ratio

• Decimal

• Fraction

What does the "I" in the interest formula stand for?

• Igloo

• Important

• Internet

• Interest

Tags

CCSS.7.RP.A.3

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 year?

• $827.52

• $846.80

• $831.10

• $839.45