Review of Simple Interest

The money you borrow or invest is called __________?

• Simple Interest

• Rate

• Principal

• Time

The extra money created on the money borrowed is called________?

• Interest

• Amount

• Principal

• Rate

What does the "R" in the simple interest formula stand for?

• Time

• Principal

• Rate

• Interest

What is the interest on a savings account at a rate of 2%, given a starting amount of P575, over 1 year's time?

• ₱11.50

• ₱115

• ₱1.50

• ₱586.50

What does the P in I =PRT mean?

• Power

• Product

• Principal

• Percent

Emilio borrows P1,200 from a bank at a rate of 8% per year. How much will he have to pay back in total after 2 years?

• ₱1,350

• ₱192

• ₱1,392

• ₱150

If ,Principal = P500

Interest rate =5%

Time = 5 years

what is the interest earned?

• ₱125

• ₱95

• ₱105

• ₱135

What does the T in I =PRT means?

• Temperature

• Kind of loan

• Time

• Multiplicatior

Write the percent as a decimal. 
5%

• 5

• .5

• 500

• .05

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

• decimal

• fraction

• dollar amount

• ratio