Simple and Compound Interest

Write the percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

Tags

TEKS.MATH.6.4E

Turn 0.6% in to a decimal

• 0.6

• 0.006

• 0.0006

• 0.06

Tags

TEKS.MATH.6.4E

What is the formula for simple interest?

• A=P(1+r)^t
• I=Prt
• I=P(1+r)t
• A=Prt

Tags

TEKS.MATH.7.4D

What does P stand for in I = Prt ?

• percent
• partner
• percent change
• principal

Tags

TEKS.MATH.6.5B

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

• the amount of money borrowed or deposited
• the amount taxed
• the percent interest for this year
• the amount the bank owes you for being a customer at their bank

Tags

TEKS.MATH.7.4D

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

• fractions
• mixed numbers
• decimals
• integers

Tags

TEKS.MATH.7.4D

If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?

• divide 12 by the months
• multiply 12 times the months
• divide the months by 12
• change the months to a decimal

Tags

TEKS.MATH.7.4D

To earn as much interest as possible, you should open a savings account that earns ______ interest and has the _____ interest rate.

• compound; lowest
• simple ; lowest
• compound ; highest
• simple ; highest

Tags

TEKS.MATH.7.4C

Ann puts $300 in a bank account earning 4% simple interest.  How much will she earn in interest in 1 year?

• 4
• 8
• 12
• 16

Tags

TEKS.MATH.7.4D

Smithville Bank is offering each of it's customers a 3.4% interest on a new savings account. If Mr. Thomas opens an account with $1,500, how much simple interest will he earn in 3 years?

• $51

• $153

• $510

• $1,653

Tags

TEKS.MATH.7.4D