TEKS.MATH.7.13E

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

• Principle
• Interest
• Time
• Percent Rate

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TEKS.MATH.7.13E

I = Prt where r represents the rate.  Rates must be converted into ____ before multiplying.

• fractions
• mixed numbers
• decimals

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TEKS.MATH.7.13E

Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?

• 95
• 105
• 125
• 135

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TEKS.MATH.7.13E

Kara borrowed $21,000 for 5½ years at an annual compound interest rate of 7.5% to buy a car.  What is the total amount she will repay the bank for the auto loan?

• $31258.30
• $10258.30
• $981750
• $27165

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TEKS.MATH.7.13E

Kara borrowed $21,000 for 5½ years at an annual compound interest rate of 7.5% to buy a car.  How much interest will she pay on top of the principal at the end of the 5½ years?

• $31258.30
• $27165
• $10258.30
• $981750

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TEKS.MATH.7.13E

Harley wants to buy a car that costs $15,000.  Bank One offers her a 3 year loan at a simple interest rate of 9%.  Bank Two offers her a 5 year loan at an annual compound interest rate of 3.5%.  Which bank offer should she choose?

• She will pay $1,234.70 less if she chooses Bank Two.
• She will pay $1,234.70 less if she chooses Bank One.

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TEKS.MATH.7.13E

Calculate the interest.  I = PRT,
Principal = $10000,
Rate = 7%,
Time = 20 years

• 1400
• 1000
• 14000
• 14

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TEKS.MATH.7.13E

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

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TEKS.MATH.7.13E

The A means ____________ in compound interest

• annual

• amount in account

• answer

• accrued debt

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TEKS.MATH.7.13E

Hector invested $310 in a savings account. The interest rate is 3% per year. Find the simple interest earned after 12 years.

• $421.60

• $111.60

• $9.30

• $3,270.00

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TEKS.MATH.7.13E