Simple and Compound Interest

When calculating

interest, how do you write the percent?

• a fraction

• a decimal

• a round number

• not enough information

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CCSS.6.EE.B.6

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

• $800
• $1,000
• $1,200
• $1,500

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CCSS.HSF.BF.A.2

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

• Principle

• Interest

• Time

• Percent Rate

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CCSS.8.EE.C.7B

Write the percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

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CCSS.7.RP.A.3

What does the "I" in the interest formula stand for?

• Important
• Interest
• Internet
• Igloo

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CCSS.HSA.SSE.A.1

The compound interest formula is:

A = P(1 + r)^t

What does the A represent?

• The amount of interest earned.

• The amount of time that has passed.

• The total amount of money after a certain amount of time.

• The amount required to invest.

Tags

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.B.5

the time has to be in _____________

• years

• months

• days

• seconds

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CCSS.7.EE.A.2

CCSS.HSA.SSE.A.2

A bank is offering 7% annual compound interest on a savings account.  If you deposit $1,500, what will be the total amount of money in your savings account after three years?

• $337.56
• $1837.56
• $31500
• $30000

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CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

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

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CCSS.HSN.Q.A.1

A bank is offering 2.5% simple interest on a savings account.  If you deposit $5,000, how much interest will you earn in three years?

• $5375
• $375
• $37500
• $42500

Tags

CCSS.HSF.BF.A.2