Simple Interest

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

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

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

• $7.50
• $26.25
• $87.5
• $262.50

Tags

CCSS.7.RP.A.3

Calculate the interest. I = PRT,

Principal = $1000,

Rate = 6%,

Time = 2 years

• $100

• $120

• $180

• 1200

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

• $800
• $1,000
• $1,200
• $1,500

Tags

CCSS.7.RP.A.3

Javon has a credit card with a $1,583 balance. His interest rate is 8.8%. If he does not pay for 3 years, how much interest does he owe?

• $4,179

• $417.91

• $133,930

• $41,791

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

• $150
• $192
• $1350
• $1392

Tags

CCSS.7.RP.A.3

Sarah has $45,000 in student loans. if there is a 6% interest rate, how much will she pay back in interest over 10 years? 

• $27,000
• $72,000
• $270,000
• $315,000

Tags

CCSS.HSF.BF.A.2

You borrowed 43,800 at a SIMPLE interest rate of 4.8%. If you pay it back in 2 years, how much interest is paid pack?

• $464,280

• $85,848

• $4204.8

• $48,004.80

Tags

CCSS.7.RP.A.3

Calculate the interest. I = PRT,

Principal = $10000,

Rate = 7%,

Time = 20 years

• $1400

• $1000

• $14,000

• $14