U9 Simple & Compound Reflection

What is the formula for simple interest?

• A=P(1+r)^t
• I=Prt
• I=P(1+r)t
• A=Prt

Tags

CCSS.8.EE.C.7B

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

• the amount of money borrowed or deposited

• the amount taxed

• the percent interest for this year

• the amount the bank owes you for being a customer at their bank

Tags

CCSS.7.RP.A.3

I = Prt where r represents the rate. Rates must be converted into ____ before multiplying.

• fractions

• mixed numbers

• decimals

• integers

Tags

CCSS.7.RP.A.3

What is important about how time is calculated in I= Prt ?

• it must be in months

• it must be in years

• it is not calculated

West Ridge Bank is offering each of it's customers a simple interest rate of 3.4% on a new savings account. If Mrs. Luddy opens an account with $1,500, how much interest will she earn in 3 years?

• $15,300

• $1,530

• $153

• The answer is not shown

Tags

CCSS.7.RP.A.3

Alex the Skeleton borrowed $4,000 for 5 years at 6% simple interest rate to pay for his band equipment. How much interest is that?

• $800

• $1,000

• $1,200

• $1,500

Tags

CCSS.7.RP.A.3

In the compound interest formula A=P(1+r)^t what does the A stand for?

• The amount of interest

• The total amount

• The interest rate

• The time

In the compound interest formula A=P(1+r)^t what does the P stand for?

• The time

• The total amount

• The principal amount (original amount)

• The interest rate

If you wanted the amount of interest an account has earned after being compounded annually. What would you have to do after you found "A" using the formula A=P(1+r)^t ?

• Add A (total amount) plus P (original amount)

• Subtract A (total amount from P (original amount)

• Add P (original amount) plus A (total amount)

• Subtract P (original amount) from A (total amount)

Julia invested $1000 for college in an account earning 5% compounded annually. When she checked the account after 4 years, how much money did she find in the account?

• Not enough

• $563.24

• $1215.51

• $3200.12

Tags

CCSS.HSF-LE.A.1C