Simple Interest

Question #1

If you wish to calculate the amount of interest earned on an investment with a rate of 6.17%, what number will you plug into your equation for the rate?

A. 0.00617

B. 0.0617

C. 0.617

D. 6.17

• A

• B

• C

• D

Tags

CCSS.7.RP.A.3

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

• Principal

• Time, in hours

• Interest

• Time, in years

Tags

CCSS.8.EE.C.7B

Write 4.3% as a decimal.

• 4.3

• .43

• 0.043

• 4300

Tags

CCSS.6.NS.B.3

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

• Principal

• Rate

• Time

• Interest

Tags

CCSS.HSA.SSE.A.1

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

• Rate

• Principal

• Interest

• Time

Tags

CCSS.8.EE.C.7B

The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.

• Fraction

• Decimal

• Ratio

• Dollar Amount

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

What does the P in I =PRT mean?

• Power

• Principal

• Product

• Percent

Tags

CCSS.HSA.SSE.A.1

Timmi puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?

• 4
• 8
• 12
• 16

Tags

CCSS.HSF.BF.A.2

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

Tags

CCSS.HSF.BF.A.2

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.HSF.BF.A.2