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WorksheetsSimple Interest
Total questions: 63
Worksheet time: 2hrs 55mins
Name
Class
Date
1.
The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.
a)
fraction
b)
decimal
c)
ratio
d)
dollar amount
2.
The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.
a)
the amount of money borrowed or deposited
b)
the percent interest for his year
c)
the amount taxed
d)
the amount the bank owes you for being a customer at their bank
3.
Write the percent as a decimal.
4.3%
4.3%
a)
4.3
b)
.43
c)
.043
d)
4300
4.
Write the decimal as a percent.
0.37
0.37
a)
37%
b)
3.7%
c)
.37%
5.
What does the "I" in the interest formula stand for?
a)
Important
b)
Interest
c)
Internet
d)
Igloo
6.
Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?
Interest rate = 2.5%
TIme = 3 years.
How much interest?
a)
$7.50
b)
$26.25
c)
$87.5
d)
$262.50
7.
Calculate the interest. I = PRT,
Principal = $1000,
Rate = 6%,
Time = 2 years
a)
$100
b)
$120
c)
$180
d)
1200
8.
Calculate the interest. I = PRT,
Principal = $10000,
Rate = 7%,
Time = 20 years
Principal = $10000,
Rate = 7%,
Time = 20 years
a)
1400
b)
1000
c)
14000
d)
14
9.
Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase. The bank said that she could get a simple interest rate of 8% for 5 years. What is the total amount that Beyonce will pay for the chair?
a)
$2600
b)
$910
c)
$9100
d)
$260
10.
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?
a)
$800
b)
$1,000
c)
$1,200
d)
$1,500
11.
You lend $240 to your friend. He pays you back $270. What interest rate did you charge your friend?
a)
88%
b)
20%
c)
12.5%
d)
10%
12.
Anna invested $2,500 at an annual rate of 5%. How long will it take until Anna earns $1,125 in interest?
a)
5 years
b)
8 years
c)
10 years
d)
9 years
13.
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?
a)
$800
b)
$1,000
c)
$1,200
d)
$1,500
14.
Ann puts $300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?
a)
4
b)
8
c)
12
d)
16
15.
Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?
Interest rate = 2.5%
TIme = 3 years.
How much interest?
a)
7.50
b)
26.25
c)
87.5
d)
262.50
16.
Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.
a)
14
b)
140
c)
168
d)
16.80
17.
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?
a)
$800
b)
$1,000
c)
$1,200
d)
$1,500
18.
Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?
a)
$120
b)
$144
c)
$1,200
d)
$1,440
19.
The simple interest formula is I=Prt. What does the t represent?
a)
Principle
b)
Interest
c)
Time
d)
Percent Rate
20.
If you are calculating the simple interest and you are given the time in months. How can you find the time in years?
a)
divide 12 by the months
b)
divide the months by 12
c)
multiply 12 times the months
d)
change the months to a decimal
21.
Principal = $1500
Interest earned = $60 per year
Find the interest rate.
Interest earned = $60 per year
Find the interest rate.
a)
40%
b)
4%
c)
0.4%
d)
8%
22.
You lend $240 to your friend. He pays you back $30 in interest in one year. What interest rate did you charge your friend?
a)
88%
b)
20%
c)
12.5%
d)
10%
23.
Principal = $500
Interest earned in 4 years = $60.
Find the interest rate.
Interest earned in 4 years = $60.
Find the interest rate.
a)
1%
b)
2%
c)
3%
d)
4%
24.
The simple interest formula is I=Prt. What does the t represent?
a)
Principle
b)
Interest
c)
Time, in hours
d)
Time, in years
25.
What does the "r" in the interest formula stand for?
a)
Principal
b)
Interest
c)
rate
d)
time
26.
A movie ticket cost me $5.60 after a 20% coupon. What was the original price of the ticket?
a)
$7
b)
$4.48
c)
$28
d)
$1.12
27.
Sam borrowed $4,500 for 2 years and had to pay $630 simple interest at the end of that time. What rate of interest did he pay?
a)
6%
b)
7%
c)
8%
d)
9%
28.
Write the decimal as a percent. Round to the nearest tenth if necessary.
0.37
0.37
a)
37%
b)
3.7%
c)
.37%
29.
Change 6.75% to a decimal.
a)
67.5
b)
.675
c)
675
d)
.0675
30.
The Principal and Interest are always___________.
a)
fraction
b)
decimal
c)
percent
d)
money
31.
The Principal and Interest are always___________.
a)
fraction
b)
decimal
c)
percent
d)
dollar amount
32.
The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.
a)
fraction
b)
decimal
c)
ratio
d)
dollar amount
33.
If the time is given in months, you must first _____________ by 12.
a)
add
b)
subtract
c)
multiply
d)
divide
34.
I = Prt where r represents the rate. Rates must be converted into ____ before multiplying.
a)
fractions
b)
mixed numbers
c)
decimals
35.
Find the simple interest to the nearest cent. $575 at 6.25% for 7 years.
a)
$249.55
b)
$2,515.63
c)
$251.56
36.
Convert 18 months to years.
a)
18 Years
b)
1.5 Years
c)
.18 Years
d)
.6 repeating Years
37.
Ann puts $300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?
a)
4
b)
8
c)
12
d)
16
38.
Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?
a)
150
b)
192
c)
1350
d)
1392
39.
Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.
a)
14
b)
140
c)
168
d)
16.80
40.
Principal = $350.
Interest rate = 2.5%
TIme = 3 years.
How much simple interest?
Interest rate = 2.5%
TIme = 3 years.
How much simple interest?
a)
$7.50
b)
$26.25
c)
$87.5
d)
$262.50
41.
What is 7.25% converted to a decimal?
a)
.725
b)
0.725
c)
0.0725
d)
7.25
42.
Write the percent as a decimal.
115%
115%
a)
11.5
b)
1.15
c)
.115
d)
11,500
43.
Find the total amount in the account to the nearest cent if the interest is compounded annually.
$2750 at 8% for 2 years
$2750 at 8% for 2 years
a)
$220
b)
$440
c)
$660
44.
What is 0.02 as a percent?
a)
20%
b)
2%
c)
0.2%
d)
200%
45.
When you borrow money, you pay back the amount plus additional money for the privilege of borrowing. This is called
a)
Principal
b)
Interest
c)
Rate
46.
True of False: Before you can calculate INTEREST your time must be in MONTHS!
a)
FALSE
b)
TRUE
47.
How much tax would you pay on a new TV that is $899 at Best Buy, if the tax rate is 6.5%?
a)
$957.44
b)
$841
c)
$58.43
d)
$24
48.
Julie borrowed $3,500 for 3 years at 7½% simple interest rate.
How much interest is that?
How much interest is that?
a)
Julie borrowed $3,500 for 3 years at 7½% simple interest rate.
How much interest is that?
How much interest is that?
b)
$787.50
c)
$810
d)
$812.50
49.
Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?
a)
$120
b)
$144
c)
$1,200
d)
$1,440
50.
Kennyaha borrowed $23,500 to buy a new car. The interest rate was 2.3% for 7 years. How much interest did she owe?
a)
$37835
b)
$3783.50
c)
$164500
51.
Ahsir needs $1,750 to pay for books in college. His brother loans him the money for one year at 2% interest. How much interest did he owe his brother after one?
a)
$35
b)
$3500
c)
35.00
52.
Sabrina needs to borrow $3,500 to go to a John Cena match in Las Vegas. Her friend loans her the money at 5% interest for 1/2 year. How much interest will Sabrina owe her friend in interest for this trip of a lifetime?
a)
$3,500
b)
$8,750
c)
$87.50
53.
Aaron decides to put $500 in the bank to save. The bank will pay him 15% interest for 2 years, if he does not withdraw any money. How much interest will Aaron have in 2 years?
a)
$150
b)
$1500
c)
$1000
54.
Raul borrowed $2,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 5 years?
a)
$2,700
b)
$700
c)
$140
d)
$10,000
55.
You have $550 in a savings account that earns 3% simple interest each year. How much will be in your account in 10 years?
a)
$165
b)
$16.50
c)
$715
d)
$2365
56.
There were how many seasons of Jersey Shore?
a)
6
b)
2
c)
5
d)
9
57.
The southern point of the Jersey Shore is
a)
Cape May Point
b)
Perth Amboy
c)
Atlantic City
d)
Keyport
58.
Superstorm _______ devestated the Jersey Shore in 2012
a)
Sandy
b)
Steve
c)
Rick
d)
Shirrel
59.
The Stone Pony, frequented by Bruce Springsteen, is located in
a)
Asbury Park
b)
Ocean Grove
c)
Belmar
d)
Spring Lake
60.
Atlantic City is considered the "Gambling Capital of the East Coast"
a)
TRUE
b)
FALSE
61.
Washington crossed this New Jersey river
a)
Delaware
b)
Hudson
c)
Ramapo
d)
Toms
62.
The original Ron Jon Surf shop was located in
a)
New Jersey
b)
Florida
c)
California
d)
Alabama
63.
In the 2009 Top 10 Beaches Contest, ______ ranked first
a)
Ocean City
b)
Monmouth Beach
c)
Avon-by-the-Sea
d)
Avalon
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