Simple Interest

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

• Principal
• Interest
• Rate
• Time

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

• Principal
• Interest
• rate
• time

The Principal and Interest are always in __________.

• fraction
• decimal
• percent
• $$

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

• $160

• $800

• $80,000

• $16

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

• $135

• $13,500

• $270

• $27,000

Find the simple interest paid on a deposit of $225 at a rate of 1.5% over 2 years.

• $6.75

• $3.375

• $2,278.13

• $6,750

When Loofa was born, her parents put $8,000 into a college fund account that earned 9% simple interest. Find the amount of interest earned after 18 years.

• $720

• $20,960

• $1,080

• $12,960

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

• Principle
• Interest
• Time
• Percent Rate

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

• $7.50
• $26.25
• $87.5
• $262.50

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

• 4
• 8
• 12
• 16