Percent Applications (high)

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

The simple interest formula is I=Prt. The P represents the principal. The principal is ___________________.

• the original amount of money

• the percent interest for his year

• don't know

• the percent proportion

Tags

CCSS.7.RP.A.3

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

• investment

• interest

• increment of time

• don't know

Tags

CCSS.7.RP.A.3

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. What will the value of Jerry's account be after 5 years?

• $520,000

• $120,000

• $5,200

• $1,200

Tags

CCSS.7.RP.A.3

Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?

• 95
• 105
• 125
• 135

Tags

CCSS.7.RP.A.3

Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?

• $120
• $144
• $1,200
• $1,440

Tags

CCSS.7.RP.A.3

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

• 6%
• 6%
• 8%
• 9%

Tags

CCSS.7.RP.A.3

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

• the principle

• the interest

• Time, in months

• Time, in years

Tags

CCSS.7.RP.A.3

Convert 30 months to years. 

• 3 Years

• 2.5 Years

• 2.25 Years

• You cannot change it to years.

Tags

CCSS.5.MD.A.1

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