Simple Interest

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

• Principle
• Interest
• Time, in hours
• Time, in years

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 Principal and Interest are always___________.

• fraction
• decimal
• percent
• money

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 percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

What is 7.25% converted to a decimal?

• .725
• 0.725
• 0.0725
• 7.25

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

• 95
• 105
• 125
• 135

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

• $150
• $192
• $1350
• $1392

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

• $7.50
• $26.25
• $87.5
• $262.50