NEW 2023 Simple Interest TEST REVIEW

The small piece of the PI is the ​ (a)   . The large piece of the PI is the ​ (b)   . If you add these two pieces together you have the ​ (c)  

• interest (I)
• principle (P)
• total (A)

I = prt, what is I?

(a)  

• Interest
• Rate

• Time

• Principle (price)

I = prt, what is p?

​ (a)  

• Rate

• Time

• Interest
• Principle (price)

I = prt, what is r​?

​ ​ (a)  

• Principle (the price)
• Time

• Interest
• Rate

I = prt, what is t?

​ ​ (a)  

• Time (in months)
• Time (in days)
• Time (in years)

Which piece of the PI would you need to find if the question at the end of a simple interest problem asks you to find the amount of interest?

​ ​ (a)  

• the large piece (P)
• the total (A)
• the small piece (I)

Which piece of the PI would you need to find if the question at the end of a simple interest problem asks you to find the amount of money in the account?

​ ​ ​ (a)  

• the large piece (P)
• the total (A)
• the small piece (I)

If you add the Interest and the Principle what do you get?

​ ​ ​ (a)  

• the large piece (P)
• the total (A)
• the small piece (I)

What does the large piece of the PI represent?

​ ​ ​ (a)  

• (P) the principle or the price
• (A) the total amount
• (I) the interest

Sara puts $4,000 into an investment yielding 4 1/2% annual simple interest; she left the money in for five years. How much money will Sara have in her account after 5 years?

• Find A (the total amount in the account)

• Find I (the interest in the account)