Test 6.1

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

• 95
• 105
• 125

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

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

Convert 18 months to years. 

• 18 Years
• 1.5 Years
• .18 Years

Write the decimal as a percent. 
0.37

• 37%
• 3.7%
• .37%

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

• Important
• Interest
• Internet

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

• Principal
• Interest
• rate
• time

Find the simple interest paid on a loan of $750 with an 18% rate over 2 years.

• $135

• $270

• $27,000

A cellphone bill is a 

• variable expense 
• fixed expense 

Car insurance is a 

• variable expense
• fixed expense 

School supplies are a

• variable expense
• fixed expense