April 27 - Simple Interest

April 27 - Simple Interest

7th Grade

18 Qs

quiz-placeholder

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April 27 - Simple Interest

April 27 - Simple Interest

Assessment

Quiz

Mathematics

7th Grade

Medium

Created by

Mickey Maggard

Used 1+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

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

the amount of money borrowed or saved (invested or deposited in an account)

the percent interest for his year

the amount taxed

the amount the bank owes you for being a customer at their bank

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Write the percent as a decimal. 
4.3%

4.3
.43
.043
4300

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest would he owe at the end of that time?

$800

$1,000

$1,200

$1,500

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

Principle
Interest
Time, in hours
Time, in years

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

I = Prt where r represents the rate.  Rates must be converted into ____ before multiplying.

fractions
mixed numbers
decimals

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back TOTAL (principal AND interest combined) in 2 years?

$150

$192

$1350

$1392

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

Calculate the interest. I = PRT,

Principal = $1000,

Rate = 6%,

Time = 2 years

$100

$120

$180

1200

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