
Simple and Compound Interest 8.12D
Authored by Lucila Carbajal
Mathematics
7th - 8th Grade
Used 51+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 5 pts
The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.
the amount of money borrowed or deposited
the percent interest for his year
the amount taxed
the amount the bank owes you for being a customer at their bank
2.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.
3.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
Write the percent as a decimal.
4.3%
4.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
What does the "I" in the interest formula stand for?
5.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
What does the "r" in the interest formula stand for?
6.
MULTIPLE CHOICE QUESTION
5 mins • 5 pts
The Arnold's took out a loan for a home. The amount was $195,000 at a 4% interest rate compounded annually, how much will they have paid after 360 months?
$4,719,279,309
$529,586.31
$632,462.51
$640,891.12
7.
MULTIPLE CHOICE QUESTION
5 mins • 5 pts
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
$45,500
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