Calculating Interest

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

• Add 12 to the months

• divide the months by 12

• multiply 12 times the months

• You cannot change it to months.

Tags

CCSS.7.RP.A.3

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

Ella borrowed $3,000 at a simple interest rate of 4% per year. How much did she have to repay after 4 years?

• $480

• $3,480

• $4,800

• $7,800

The simple interest formula is I=Prt.  The P represents the principal.  The principal 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

When Abbey was born, her parents put $8,000 into a college fund account that earned 9% simple interest. What will her account total after 18 years?

• $720

• $20,960

• $1,080

• $12,960

Semi-Annually means how many times a year?

• 4

• 2

• 1

• 6

Tags

CCSS.6.RP.A.3B

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

• $1,584.62

• $2,651.39

• $2,706.86

• $1,825.10

Makayla's parents put $1,500 into a high-interest ivestment to help her save for college tuition. At an interest rate of 8.25% compounded semi-annually, what will be the balance after 18 years?

• $6,273.50

• $6,314.08

• $6,385.72

• $6,427.94

You want to save $5,000 for future vacation. If you assume you can get an interest rate of 4.3%, compounded monthly, how much will you need to invest NOW to reach your vacation goal in 3 years?

• $307,042,791

• $5,000

• $3,250

• $4,395.89

Keira invested $400 at a rate of 35% for 8 months, compounded monthly. How much is her investment worth after 8 months?

• $520.07

• $505.12

• $460.11

• $7,643.74