Simple INterest

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

• $160

• $800

• $80,000

• $16

Tags

CCSS.7.RP.A.3

Find the simple interest earned when the principal is $500 at a rate of 10% held in the bank for 8 months.

• $33.50

• $40,000

• $50

• $400

Tags

CCSS.7.RP.A.3

Find the simple interest paid on a loan of $750 with an 18% rate over 2 years.

• $135

• $13,500

• $270

• $27,000

Tags

CCSS.7.RP.A.3

Find the simple interest paid on a deposit of $225 at a rate of 1.5% over 2 years.

• $6.75

• $3.375

• $2,278.13

• $6,750

Tags

CCSS.7.RP.A.3

When Loofa was born, her parents put $8,000 into a college fund account that earned 9% simple interest. Find the amount of interest earned after 18 years.

• $720

• $20,960

• $1,080

• $12,960

Tags

CCSS.7.RP.A.3

After 12 years, a deposit of $10,000 into your college account has earned $6,000 in interest payments. What simple interest rate did the account earn?

• 50%

• 5%

• 500%

• 7.5%

Kermit took out a 4 year loan for $5,500. He had to pay a total of $1,870 in interest payments. What rate did he pay for his loan?

• 85%

• 5.5%

• 8.5%

• 14%

Tags

CCSS.7.RP.A.3

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

• the amount of money

• the percent interest for his year

• the rate

• the percent proportion

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

Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?

• 95
• 105
• 125
• 135

Tags

CCSS.7.RP.A.3