Simple Interest and Percentages

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

John put 14,000 Euros in an account at a simple interest rate of 1% per year.  How much interest will he get after 12 years?

• 16,800 Euros

• 168,000 Euros

• 1,680 Euros

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. What will the value of Jerry's account be after 5 years?

• $520,000

• $120,000

• $5,200

• $1,200

Jane deposited $22,000 at a bank that pays 10% interest. Bill deposited $16,000 at a bank that pays 16% interest. Who will receive more interest in a year, and by how much more?

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Maria borrowed $3,000 at a simple interest rate of 4% per year.  How much did she have to repay after 4 years?

• $480

• $3,480

• $4,800

• $7,800

Alexton the Skeleton borrowed $4,000 for 5 years at 6% simple interest rate to pay for his band equipment. How much interest is that?

• $800

• $1,000

• $1,200

• $1,500

Find the interest on a sum of 3500 for 2 years at the rate of 5 % per annum.