10/27 7th Grade Warm Up

Principal = $500

Interest Rate = 5%

Time = 5 years

What is the interest earned?

• $95

• $125

• $105

• $135

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

• Principal

• Time, in hours

• Interest

• Time, in years

Write 4.3% as a decimal.

• 4.3

• .43

• 0.043

• 4300

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

• Rate

• Principal

• Interest

• Time

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

9 months is how many years?

• .5
• .75
• .25

Your sister went to get her haircut and it cost $180. She paid her hairstylist a 25% tip. How much TIP did she leave?

• $45

• $25

• $225

• $55