simple and compound interest

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

Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?

• $120
• $144
• $1,200
• $1,440

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

• 6%
• 6%
• 8%
• 9%

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

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

Convert 18 months to years. 

• 18 Years
• 1.5 Years
• .18 Years
• You cannot change it to 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

What is the interest earned on a savings account over 2 years, given a principal of $200 and a rate of 5%?

• $5

• $25

• $20

• $2

What is the simple interest on a housing loan of $350,000, over 30 years with a rate of 4.5%?

• $350,00

• $47,250

• $350,000

• $472,500