Unit 7 Review

Amy deposits $200 in the bank for 5 years. She earns 5% interest. How much did she make in interest?

• $10

• $60

• $50

• $500

Howard borrowed $4,000 from the bank at an interest rate of 8%. He has to pay it back in 2 years. How much interest will he pay?

• $640

• $64

• $74

• $460

What is the formula for simple interest?

• I = K*Y*X

• I = I*P

• I = P*r*t

• P = x*y

What does the I stand for in the simple interest equation?

• Income

• Igloo

• Ice

• Interest ($)

What does the P stand for in the simple interest equation?

• People

• Principal

• Percent

• Pension

What does the r stand for in the simple interest equation?

• Roses (petals)

• Random (decimals)

• River (gallons)

• Rate (% as decimal)

What does the t stand for in the simple interest equation?

• Time

• Tents

• Totals

• Teeth

Danny earned $100 in interest on $800 that he deposited in the bank for 5 years. What was the interest rate?

• 0.025%

• 2.5%

• .25%

• 25%

Lisa earned $20 in interest after leaving her money in the bank for 1 year at a 5% interest rate. How much did Lisa deposit?

• $200

• $300

• $500

• $400

The average number of shirts sold in the beach shop was 285 on Saturday in the summer. As the temperature went lower, the average number of shirts decreased to 114 every Saturday. What was the percentage decrease of in the average number of shirts sold in the shop?

• 60%

• 40%

• 150%

• 171%