Transportation Quiz

What is the formula for simple interest?

• A=P(1+r)^t
• I=Prt
• I=P(1+r)t
• A=Prt

If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?

• divide 12 by the months
• divide the months by 12
• multiply 12 times the months
• change the months to a decimal

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:
Principal: $6,000
Interest Rate: 5%
Time: 6 months

• $150
• $1,800
• $1,500
• $15,000

Tags

CCSS.HSF-IF.C.8B

Principal = $500
Interest earned = $60

Time = 4 years
Find the interest RATE.

• 1%
• 2%
• 3%
• 4%

Frank has earned $387 in interest over the past 36 months in his account. If the bank has a 1% interest rate, how much was the PRINCIPAL? (Hint: remember time has to be in YEARS)

• $12,900

• $1,290

• $129,00

Tags

CCSS.6.EE.B.7

Purchasing a car on a loan through the bank or dealership is called:

• franchising
• financing
• amortizing
• loaning

Brenda's bank offers car financing for 3, 4, or 5 years.  If Brenda chooses 5-year financing, how many monthly payments will she have? (Hint: How many months are in 5 years?)

• 60
• 48
• 36
• 12

Tags

CCSS.8.EE.C.7B

What would happen to a monthly payment if the interest rate increased?

• The payment would go up.
• The payment would go down.
• The payment would remain the same.
• None of the above.

An increase in which of the following will decrease the monthly payment?

• Interest rate
• Down payment
• Principal
• None of the Above

Tags

CCSS.8.EE.C.7B