Free Printable MATH.7.13E- SIMPLE INTEREST

1.

A refrigerator is priced at $525.50. There is a 6% sales tax rate. What is the sales tax for the refrigerator in dollars and cents?

a)

$5.25

b)

$25.50

c)

$6.00

d)

$31.53

2.

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

3.

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

4.

Write the percent as a decimal.
4.3%

a)

4.3

b)

.43

c)

.043

d)

4300

5.

Write the decimal as a percent.
0.37

a)

37%

b)

3.7%

c)

.37%

6.

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

a)

Important

b)

Interest

c)

Internet

d)

Igloo

7.

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

a)

$7.50

b)

$26.25

c)

$87.5

d)

$262.50

8.

Calculate the interest. I = PRT,

Principal = $1000,

Rate = 6%,

Time = 2 years

a)

$100

b)

$120

c)

$180

d)

1200

9.

Calculate the interest. I = PRT,
Principal = $10000,
Rate = 7%,
Time = 20 years

a)

1400

b)

1000

c)

14000

d)

14

10.

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

11.

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

12.

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%

13.

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

14.

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

15.

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

16.

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

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.

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

19.

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

a)

7.50

b)

26.25

c)

87.5

d)

262.50

20.

Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.

a)

14

b)

140

c)

168

d)

16.80

21.

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

22.

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

23.

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

24.

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

25.

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

26.

Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.

a)

14

b)

140

c)

168

d)

16.80

27.

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

28.

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

a)

6%

b)

6%

c)

8%

d)

9%

29.

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%

30.

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

a)

Principle

b)

Interest

c)

Time

d)

Percent Rate

31.

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

32.

Emilio borrows $1200 from a bank with 8% simple interest per year. How much interest will he have to pay back?

a)

$150

b)

$192

c)

$1350

d)

$1392

33.

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

34.

Julie borrowed $3,500 for 3 years at 7½% simple interest rate.
How much interest is that?

a)

Julie borrowed $3,500 for 3 years at 7½% simple interest rate.
How much interest is that?

b)

$787.50

c)

$810

d)

$812.50

35.

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

36.

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

37.

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

38.

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

a)

7.50

b)

26.25

c)

87.5

d)

262.50

39.

Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.

a)

14

b)

140

c)

168

d)

16.80

40.

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%

41.

Principal = $500
Interest earned in 4 years = $60.
Find the interest rate.

a)

1%

b)

2%

c)

3%

d)

4%

42.

Julie borrowed $3,500 for 3 years at 7½% simple interest rate.
How much interest is that?

a)

Julie borrowed $3,500 for 3 years at 7½% simple interest rate.
How much interest is that?

b)

$787.50

c)

$810

d)

$812.50

43.

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

44.

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

45.

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

46.

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

47.

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

48.

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

a)

7.50

b)

26.25

c)

87.5

d)

262.50

49.

Principal = $1500
Interest earned = $60 per year
Find the interest rate.

a)

40%

b)

4%

c)

0.4%

d)

8%

50.

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%

MATH.7.13E- SIMPLE INTEREST

Total questions: 50

Worksheet time: 2hrs 57mins

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