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WorksheetsSimple Interest
Total questions: 15
Worksheet time: 35mins
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.
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
10.
The simple interest formula is I=Prt. The P represents the principal. The principal is ___________________.
a)
the amount of money
b)
the percent interest for his year
c)
the rate
d)
the percent proportion
11.
Pennywise puts $300 in a bank account earning 4% interest. How much will he earn in interest in 1 year?
a)
4
b)
8
c)
12
d)
16
12.
Mr. Pham has $410,000 in a retirement account that earns 3.85% simple interest each year. Determine the amount earned each year by this investment.
a)
$15,785
b)
$157,850
c)
$425,785
13.
Jack deposited $1,400 in his bank account. After 3 years, the account earned $294 in interest. Find the simple interest rate.
a)
5%
b)
8%
c)
7.25%
d)
7%
14.
If the time is given in months, you must first _____________ by 12.
a)
add
b)
subtract
c)
multiply
d)
divide
15.
Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% in simple interest. What will be his balance after 15 years?
a)
$270.75
b)
$745.75
c)
$2,707.50
d)
$846.80
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