simple interest rate 3-6 additional practice

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

Tags

CCSS.7.RP.A.3

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

• Principal
• Interest
• Rate
• Time

Tags

CCSS.8.EE.C.7B

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

• Principal
• Interest
• rate
• time

Tags

CCSS.8.EE.C.7B

Write the percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

What is 7.25% converted to a decimal?

• .725
• 0.725
• 0.0725
• 7.25

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

• $160

• $800

• $80,000

• $16

Tags

CCSS.7.RP.A.3

Find the simple interest paid on a loan of $750 with an 18% rate over 2 years.

• $135

• $13,500

• $270

• $27,000

Tags

CCSS.7.RP.A.3

Jack deposited $1,400 in his bank account.  After 3 years, the account earned $294 in interest.  Find the simple interest rate.

• 5%
• 8%
• 7.25%
• 7%

Tags

CCSS.7.RP.A.3

Mr. Peterson paid $1,020 in interest for a loan, which was given to him at a rate of 5% for 3 years.  How much money did he borrow originally?

• $5,400
• $6,800
• $3,240
• $14,620

Tags

CCSS.7.RP.A.3

Victoria borrowed $4500 at a simple interest rate of 6% per year. What will be the total amount will she pay after 5 years for this loan?

Tags

CCSS.7.RP.A.3