Calculating Simple Interest in 7th Grade Math

What does the 'P' in the simple interest formula represent?

• Percentage rate

• Principal amount

• Profit earned

• Payment period

How is the interest rate expressed in the simple interest formula?

• As an integer

• As a decimal

• As a percentage

• As a fraction

If you deposit $500 for 10 years at an 8% interest rate, what is the simple interest earned?

• $500

• $800

• $40

• $400

What is the total value of a $1200 loan for 2 years at a 4% simple interest rate?

• $1248

• $96

• $1200

• $1296

After 5 years, how much interest has Cameron earned on a $4000 deposit at 6%?

• $1200

• $240

• $600

• $400

What is the total amount Deontay will pay for a $7500 loan over 6 years at 5% interest?

• $8250

• $2250

• $9750

• $7500

What is the total value of Adriana's account after 6 years if she deposited $1650 at 7% interest?

• $1650

• $2343

• $3043

• $693

How much interest will Kaylee pay on a $700 loan over 2 years at a 2% interest rate?

• $28

• $700

• $14

• $56

If Angelina paid $7200 in interest on a loan over 8 years at 3%, what was the principal?

• $7200

• $24000

• $30000

• $21600

What was Laura's simple interest rate if she earned $450 on a $1000 deposit over 5 years?

• 4.5%

• 9%

• 7.5%

• 6%