Simple & Compound Interest (15 Q's)

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

• Income

• Igloo

• Ice

• Interest ($)

Tags

CCSS.8.EE.B.5

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

Tags

CCSS.7.RP.A.3

Marcus plans to deposit $20,000 into a savings account.

Bedford Bank offers a rate of 4% simple interest for five years. How much interest is earned?

• $2460

• $4000

• $5204

• $4094

Tags

CCSS.7.RP.A.3

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

Tags

CCSS.7.RP.A.3

What is the formula for simple interest?

• A=P(1+r)^t
• I=Prt
• I=P(1+r)t
• A=Prt

Tags

CCSS.8.EE.C.7B

When calculating interest, the rate must be converted into a ____ before multiplying.

• fraction

• mixed number

• decimal

• integer

Tags

CCSS.3.NF.A.3C

The principal in an investment or loan 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

Tags

CCSS.7.RP.A.3

What does P stand for in I = Prt ?

• percent
• partner
• percent change
• principal

Tags

CCSS.6.EE.B.6

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

• $3750

• $425

Tags

CCSS.7.RP.A.3

Sarah borrowed $18,000 for 4 years at an annual simple interest rate of 7%. What is the total amount she will repay for the car loan?

• $504000

• $5040

• $23040

• $18000

Tags

CCSS.HSF.BF.A.2