staar review 4/10

What does the "I" stand for in the formula I=prt?

• Invested Amount

• Interest Rate

• Interest

• Initial Amount

What label does the "r" have in the formula I=prt?

• $

• %

• years

• months

What does the t have to be measured in in the formula I=prt?

• months

• years

• days

• minutes

How much interest is earned over 15 years on an investment of $7,000 with an annual interest rate of 9.25%?

• $9,712.50

• $647.50

• $16,712.50

• $7,043.17

I invest $42,000 at an interest rate of 5%. If I earn $12,600 in interest, how long did my investment last?

• 175 months

• 6 years

• 67 years

• 42 months

I spent $5,200 in interest on a loan. If I paid my loan off over 5 years at a rate of 8%, what was the initial amount of money I borrowed?

• $18,200

• $5,200

• $13,000

• $1,040

I spent $5,200 in interest on a loan. If I paid my loan off over 5 years at a rate of 8%, what was the initial amount of money I borrowed?

• $18,200

• $5,200

• $13,000

• $1,040

What is the formula for simple interest?

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

If Lana deposits $500 into a savings account that gains simple interest at a rate of 2% annually, how many years will it take for the account to gain $100 in interest?

• 8 years

• 9 years

• 10 years

• 11 years

Mark invested $850 for 4 years at Stevensville Bank. He earned $238 in simple interest. Calculate the simple interest rate.

• 7%

• 1,088%

• .07%

• 70%