Simple Interest Grade 7

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

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

• Important
• Interest
• Internet
• Igloo

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CCSS.HSF.BF.A.2

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

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

Tags

CCSS.7.RP.A.3

Write the percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

Tags

CCSS.7.NS.A.3

CCSS.7.RP.A.3

Tommy the Tiger deposited his savings of $350 in the bank where he received 2.5% in interest on his money. After 3 years, he had $376.25. What is the vocabulary term for what the 376.25 represents?

• principal

• balance

• simple interest

• debt

Pete the pig calculated $120 for the $1000 he left in the bank for 2 years at a rate of 6% What does the $120 represent?

• simple interest

• interest rate

• term

• principal

Chester Chick hopes to leave his money in the bank for 20 years ate 7%. He started with $10,000 and calculates that he will get a total of $14,000 in twenty years in simple interest. What does the $10,000 represent?

• simple interest

• interest rate

• balance

• principal

Emilio borrows $1200 from a bank with 8% simple interest for 3 years This accumulated $288 in simple interest. What does she have to pay back?

• $1200

• $1200 - $288

• $1200 + $288

• $288

Convert 18 months to years. 

• 18 Years
• 1.5 Years
• .18 Years
• You cannot change it to years.

Tags

CCSS.6.RP.A.3D