Finance

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

• Principal
• Interest
• Rate
• Time

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 Principal and Interest are always___________.

• fraction
• decimal
• percent
• dollar amount

Principal = $350.
Interest rate = 2.5% p.a. simple interest
TIme = 3 years.
How much interest is earned?

• $7.50
• $26.25
• $87.5
• $262.50

Tags

CCSS.7.RP.A.3

Sandy borrows $1200 from a bank with 8% p.a simple interest.  What is the total amount he will have to be pay back in 2 years?

• $150
• $192
• $1350
• $1392

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% p.a simple interest for 3 years.  How much money did he borrow originally?

• $5,400
• $6,800
• $3,240
• $14,620

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

The price of a motorbike is $1,500. How much do you need to pay if you get a 10% discount?

• $150

• $1500

• $1350

• $250

• $1250

Tags

CCSS.6.RP.A.3C

Find the simple interest earned on $6000 at 9% p.a. for 4 years

• $2160

• $8160

• $21600

• $216000

• $816000

Tags

CCSS.7.RP.A.3

A table is manufactured and sold to a furniture shop for $450. The shop sells it for $480. The cost price is:

• $450

• $480

• $30

• 0

Tags

CCSS.5.NBT.B.7