Practice: Simple Interest

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.HSN.Q.A.1

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

• Principal
• Interest
• rate
• time

Tags

CCSS.8.EE.C.7B

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

• Principal
• Interest
• Rate
• Time

Tags

CCSS.8.EE.C.7B

The simple interest formula is I=Prt.  What does the t represent?

• Principle
• Interest
• Time, in hours
• Time, in years

Tags

CCSS.8.EE.C.7B

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

• Principal
• Interest
• rate
• time

Tags

CCSS.8.EE.C.7B

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays a simple interest rate of 3.8%. What will be the amount of interest earned after 15 years?

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CCSS.7.RP.A.3

Emily’s parents put $1500 in her bank account for college tuition at a simple interest rate of 8.25%. What will be the balance after 18 years?

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CCSS.7.RP.A.3

Mark took out a loan for $25,690 to purchase a new truck at a simple interest rate of 5.2%. How much interest will he pay on his truck after 5 years?

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CCSS.7.RP.A.3

The Henley’s took out a new home loan for $195,000 at a simple interest rate of 4.3%. How much will they pay in interest after 30 years?

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CCSS.7.RP.A.3

Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% simple interest, how much will she have in total in her account at the end of 10 years?

Tags

CCSS.7.RP.A.3