Simple Interest Quiz

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

• Principal

• Time, in hours

• Interest

• Time, in years

Tags

CCSS.8.EE.C.7B

Tina invested $2,000 in a simple interest account and earned 8% rate for 5 years. How much interest did the account earn?

• $160

• $80,000

• $800

• $16

Tags

CCSS.7.RP.A.3

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

• Principal

• Rate

• Interest

• Time

Tags

CCSS.7.RP.A.3

The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a____.

• Fractions

• Decimal

• Ratio

• Dollar Amount

Emily borrows $1,200 from a bank with a 8.5% simple interest per year. How much will he have to pay back total in 2 years?

• $204

• $1020

• $1404

• $996

Tags

CCSS.7.RP.A.3

Kaden earned $475 from mowing lawns last summer. He deposited this money in an account that pays a simple interest rate of 3.8%. What will be the amount of interest earned after 15 years?

• $3182.50

• $2707.50

• $270.75

• $745.75

Tags

CCSS.7.RP.A.3

A deposit of $500 in an account earns 6% simple interest. How long will it be before the total amount is $575?

• 3.5 years

• 3 years

• 2.5 years

• 2 years

Tags

CCSS.7.RP.A.3

Principal: $2000

Interest Rate: 3.5%

Time: 3 years

Simple interest: ?

• $200

• $250

• $210

• $205

Tags

CCSS.7.RP.A.3

Principal: $2,400

Interest Rate: 5.5%

Time: 30 months

Simple interest: ?

• $300

• $330

• $260

• $350

Tags

CCSS.7.RP.A.3

Principal: ?

Interest Rate: 6%

Time: 4 years

Simple Interest: $73.80

• $310

• $307

• $306.50

• $307.50

Tags

CCSS.7.RP.A.3