Simple Interest Exit Ticket

What is the formula for simple interest?

• A=P(1+r)^t

• I = P x R x T

• P = I x T

• R = P x I x T

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 P in I =PRT mean?

• Power

• Principal

• Product

• Percent

Tags

CCSS.7.RP.A.3

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

• Principle
• Interest
• Time, in months

• Time, in years

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

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

Tags

CCSS.7.RP.A.3

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

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CCSS.7.RP.A.3

Aidan invests $200 in an account that earns 4% simple interest. What will her TOTAL account balance be after 5 years? (REMEMBER TO ADD your Interest to the original amount)

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?

Tags

CCSS.7.RP.A.3

Sam borrowed $4,500 for 2 years and had to pay $630 simple interest at the end of that time. What rate of interest did he pay?

Tags

CCSS.7.RP.A.3