Simple Interest

Find the area of the circle. (use 3.14 for $\pi$ ) 

• 43.96

• 153.86

• 87.82

• 307.72

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

• the amount of money

• the percent interest for his year

• the rate

• the percent proportion

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

• It

• Interest

• the Headless Iron Man

• Ignoramus

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

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

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

Pennywise puts $300 in a bank account earning 4% interest. How much will he earn in interest in 1 year?

• 4

• 8

• 12

• 16

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