Bonus Quiz Review

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

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

• Important

• Interest

• Internet

• Igloo

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

• Principal

• Interest

• rate

• time

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

Write the decimal as a percent. 
0.37

• 37%

• 3.7%

• .37%

Write the percent as a decimal. 
4.3%

• 4.3

• .43

• .043

• 4300

The Principal and Interest are always___________.

• fraction

• decimal

• percent

• money

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.

Convert 18 months to years. 

• 18 Years

• 1.5 Years

• .18 Years

• You cannot change it to years.

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

• $7.50

• $26.25

• $87.5

• $262.50