Simple and compound interest formulas

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

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

• Principal
• Interest
• Rate
• Time

Tags

CCSS.8.EE.C.7B

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

• Principal
• Interest
• rate
• time

Tags

CCSS.8.EE.C.7B

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

• Principal
• Interest
• rate
• time

Tags

CCSS.8.EE.C.7B

Write the percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

Write the percent as a decimal. 
5%

• 5
• .5
• .05
• 500

Write the percent as a decimal. 
3.25%

• .0325
• .325
• 3250
• 32.5

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

True of False:  Before you can calculate INTEREST your time must be in MONTHS!

• FALSE
• TRUE

Tags

CCSS.7.RP.A.3

What is the formula for simple interest?

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

Tags

CCSS.8.EE.C.7B