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Simple and Compound Interest

Authored by Tristan Hardeman

Mathematics

7th Grade

Used 4+ times

Simple and Compound Interest
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20 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

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

the amount of money borrowed or deposited

the percent interest for his year

the amount taxed

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

2.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

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

Principle

Interest

Time

Percent Rate

3.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

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

$800
$1,000
$1,200
$1,500

4.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?

150
192
1350
1392

5.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

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

Principle

Interest

Time

Percent Rate

6.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

Media Image

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

7.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

Media Image

Write the percent as a decimal. 
4.3%

4.3
.43
.043
4300

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