Simple Interest calculations

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

The simple interest formula is I=PRT.  What does the T represent?

• Principal

• Time, in hours

• Interest

• Time, in years

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

• Principal

• Rate

• Time

• Interest

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

• Rate

• Principal

• Interest

• Time

Principal = $500

Interest Rate = 5%

Time = 5 years

What is the interest earned?

• $95

• $125

• $105

• $135

Write 0.37 as a percent (%)

• 37%

• .37%

• 3.7%

Write 4.3% as a decimal.

• 4.3

• .43

• 0.043

• 4300

Dan borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back IN TOTAL after 2 years?

• $150

• $1350

• $192

• $1392

How much interest will be earned for principal of $2,000 at and 8% rate for 5 years.

• $160

• $80,000

• $800

• $16

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