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Simple Interest Solve for Rate

Authored by Anthony Clark

Mathematics

7th Grade

CCSS covered

Simple Interest Solve for Rate
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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Allison was left an inheritance from her Aunt Lisa. She can not touch the money until she is 21 years old, Allison is now 12 years old and inherited $50,000 that was put into an account with 2% interest. How much interest will Allison have earned at her 21st birthday?

$900

$100,000

$9,000

Tags

CCSS.HSF.BF.A.2

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

CCSS.7.RP.A.3

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

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

Tags

CCSS.7.RP.A.3

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

CCSS.HSF.BF.A.2

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The Smiths put $6,000 into a savings account for their daughter Kate that earned 4.75% simple interest annually for 20 years. How much is in the account after 18 years?

$11,700

$5,700

$6,285

$51,300

Tags

CCSS.HSF.BF.A.2

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________. 

the amount of money borrowed or deposited

the amount taxed

the percent interest for this year

the amount the bank owes you for being a customer at their bank

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Jane received $875 from her graduation party. She put the money in a bank with a 4% simple interest rate. How much interest will she have earned after 7 years?

$205

$225

$245

$2,250

$2,450

Tags

CCSS.7.RP.A.3

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