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

Tags

CCSS.7.RP.A.3

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

• divide 12 by the months
• divide the months by 12
• multiply 12 times the months
• change the months to a decimal

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

Find the ending balance:
$35,600 at 9% for 2 years

• $42,296.39
• $42,002.27
• $42,008.00
• $38,804.00

Tags

CCSS.7.RP.A.3

Find the ending balance:
$1,400 at 4% for 60 months

• $1,456
• $1,680
• $280
• $1,703.31

Tags

CCSS.7.RP.A.3

What is the interest rate if the principal is $32,000 and $9600 over six years. 

• 50%
• 0.5%
• 5%
• 0.05%

Tags

CCSS.7.EE.B.4A

Ryan is trying to determine how much interest he will earn by placing money into the bank. If he has $10,400 with a 1.5% rate over 30 months. 

• $390
• $10,790
• $39,000
• $4,680

Tags

CCSS.7.RP.A.3

Ben borrows $18,500 at 5.2% simple interest per year. When he pays back the loan after 72 months, what is the total amount he will end up paying?

• $4,810
• $48,100
• $23,310
• $69,264

Tags

CCSS.7.RP.A.3

Frank has earned $387 in interest over the past 36 months in his account. If the bank has a 1% interest rate, how much was the principal? 

• $12,900
• $1,290
• $129,00

Tags

CCSS.7.RP.A.3

Find time time (in years):
Principal: $3,750
Interest: $427.50
Interest Rate: 3.8%

• 3 years
• 2.3 years
• 0.3 years
• 30 years

Tags

CCSS.7.RP.A.3