Simple and Compound Interest 23

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

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

Starting money = $350.

Interest rate = 2.5% simple interest

TIme = 3 years.

How much interest will be earned?

• $7.50

• $26.25

• $87.5

• $262.50

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?

• Add 12 to the months
• divide the months by 12
• multiply 12 times the months
• You cannot change it to months.

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.8.EE.C.7B

Write the percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

Jack deposited $1,400 in his bank account.  After 3 years, the account earned $294 in interest.  Find the simple interest rate.

• 5%
• 8%
• 7.25%
• 7%

Tags

CCSS.7.RP.A.3

Caiden earned $475 from mowing lawns last summer.He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?

• $827.52

• $831.10

• $839.45

• $846.80

You invested $1,900 at 4% interest compounded annually for 3 years.  How much interest did you earn in 3 years?

• $2,372.40
• $237.24
• $2,137.24
• $3,197.60

Tags

CCSS.HSF.BF.A.2

Change 6.75% to a decimal.

• 67.5
• .675
• 675
• .0675