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8.4 Simple Interest

Authored by Rabah Issa

Mathematics

8th Grade

Used 1+ times

8.4 Simple Interest
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12 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

30 sec • 5 pts

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

Principal
Interest
Rate
Time

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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

Principal
Interest
rate
time

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Principal = $350

Interest rate = 2.5%

Time = 3 years

How much interest?

$7.50

$26.25

$87.50

$262.50

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Julie borrowed $3,500 for 3 years at 7.5% simple interest rate. How much interest is accrued?

$78,750

$787.50

$810

$4,287.50

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Drake went to the mall and saw a massage chair that he would have to take a loan out to purchase. The total of the loan was $6600. The bank said that he could get a simple interest rate of 8% for 5 years. What is the total amount that he will pay for the chair?

$2600

$924

$9240

$260

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Emilio borrows $1200 from a bank with 8% simple interest rate. What will be the amount of interest after 2 years?

$150

$192

$1350

$1392

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