MDFL | Simple Interest

The simple interest formula is I = prt.  What does the t represent?

• Principal

• Interest

• Time, in hours

• Time, in years

Tags

CCSS.8.EE.C.7B

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

• Principal
• Interest
• Rate
• Time

Tags

CCSS.8.EE.C.7B

What does the "p" 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

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

Write the percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

Write the percent as a decimal. 
5%

• 5
• .5
• .05
• 500

Tina invested $2,000 in a simple interest account and earned 8% rate for 5 years. What is the interest that she earned on the account?

• $160

• $800

• $80,000

• $16

Tags

CCSS.7.RP.A.3

Emilio borrows $1200 from a bank with 8.5% simple interest per year. How much will he have to pay back total in 2 years?

• $204

• $996

• $1,020

• $1,404

Tags

CCSS.7.RP.A.3

Principal = $350.

Interest rate = 2.5%

TIme = 3 years.

How much interest?

• $7.50

• $26.25

• $87.5

• $262.50

Tags

CCSS.7.RP.A.3