Simple Interest

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

• Principal
• Interest
• rate
• time

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

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

• Principal

• Interest
• Time
• Percent Rate

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

True or False. When I have a percent I have to divide it by 100% to change it into a decimal.

• True

• False

John deposited $2,000 into a savings account.  How much will John have in his account after 7 months at a yearly simple interest rate of 3.25%?

• $37.92

• $455
• $45,500

• $2037.92

Tags

CCSS.7.RP.A.3

Jared invests $10,000 in a savings account that pays 3% simple interest. How many years will it take for the account to grow to $12,700, if he makes no withdrawals or deposits?

• 7 years

• 12 years

• 9 years

• 22 years

Tags

CCSS.6.EE.B.7

Change 31.1% to a decimal

• .0311

• 31.1

• .311

• 3.11

You have $3600 that you invest at 4% simple interest. How much would the balance be after 7 years?

• 3600
• 4608
• 1008
• 5000

Tags

CCSS.7.RP.A.3

When Lisa 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

• $1,080

• $20,960

• $12,960

Tags

CCSS.7.RP.A.3