TEKS.MATH.7.13E

Emily's parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded annually, what will be the total balance after 2 years?

• $3,273.50
• $1,314.08
• $2,385.72
• $1,757.71

Tags

TEKS.MATH.7.4D

TEKS.MATH.7.13E

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

• Principle
• Interest
• Time
• Percent Rate

Tags

TEKS.MATH.7.13E

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

• 6%
• 6%
• 8%
• 9%

Tags

TEKS.MATH.7.4D

TEKS.MATH.7.13E

Ricco deposits $500 in an account that earns 2.5% interest compounded annually for 3 years.  Wally deposits $500 in an account that earns 5.1% interest compounded annually for 2 years.  Who will earn the greatest amount of interest?

• Ricco will earn $13.85 more than Wally
• Wally will earn $13.85 more than Ricco

Tags

TEKS.MATH.7.13E

Monica is depositing $6,000 into a savings with an interest rate of 4.25% for 8 years. How much more interest will she earn if the interest is compounded annually, as opposed to simple interest?   

• $2040.00
• $2370.66
• $330.66
• $5669.34

Tags

TEKS.MATH.7.13E

What is important about how time is calculated in I= Prt ?

• it must be in months
• it must be in years
• it is not calculated

Tags

TEKS.MATH.7.13E

What is the formula for simple interest?

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

Tags

TEKS.MATH.7.13E

Lincoln is seeking a loan with a simple interest rate of 8% per year.   If he wants to borrow $5000, then how much will he be charged in interest for 24 months?

• $9,600
• $8,000
• $1,250
• $800

Tags

TEKS.MATH.7.13E

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

• $800
• $1,000
• $1,200
• $1,500

Tags

TEKS.MATH.7.13E

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

Tags

TEKS.MATH.7.4D

TEKS.MATH.7.13E