NEW
Font size
S
M
L
XL
WorksheetsSimple intrest
Total questions: 27
Worksheet time: 7hrs 45mins
Name
Class
Date
1.
Jacob has $2000 deposited in his bank account. He has a 3.6% interest for 5 years. What was his interest pay?
a)
453%
b)
$145.98
c)
$360
d)
None of the above
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%
4.3%
a)
4.3
b)
.43
c)
.043
d)
4300
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.
Principal = $800
Interest Rate = 3.5%
Time = 2 years
Find the interest earned.
Interest Rate = 3.5%
Time = 2 years
Find the interest earned.
a)
56
b)
140
c)
168
d)
16.80
8.
Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?
Interest rate =5%
Time = 5 years
What is the interest earned?
a)
95
b)
105
c)
125
d)
135
9.
The simple interest formula is I=Prt. What does the t represent?
a)
Principle
b)
Interest
c)
Time
d)
Percent Rate
10.
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
11.
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
12.
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
13.
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
14.
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
15.
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
16.
I = Prt where r represents the rate. Rates must be converted into ____ before multiplying.
a)
fractions
b)
mixed numbers
c)
decimals
17.
Jimmy invested $200 in a retirement account that had a rate of 20% that compounds annually. If Jimmy leaves his money puts the money in when he is 24 and takes it out when he is 64, how much money will be in his account rounded to the nearest dollar?
a)
$29395
b)
$293954.31
c)
$293954
18.
Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 year?
a)
$827.52
b)
$831.10
c)
$839.45
d)
$846.80
19.
Emily's parents put $1,500 in her bank account for college tuition. At an interest rate of 8.25% compounded semi-annually, what will be the balance after 18 years?
a)
$6,273.50
b)
$6,314.08
c)
$6,385.72
d)
$6,427.94
20.
Mark took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded monthly, how much total will he have paid after 5 years.
a)
$33,299.42
b)
$33,672.68
c)
$34,157.04
d)
$34,389.55
21.
Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years.
a)
$15,415.94
b)
$15,683.28
c)
$15,927.56
d)
$16,109.05
22.
The Henley's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually, how much total will they have paid after 30 years?
a)
$412,749.79
b)
$529.305.61
c)
$689,546.99
d)
$640,891.53
23.
Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% interest compounded quarterly, how much total will she earn in 10 years?
a)
$4915.59
b)
$3933.28
c)
$2979.81
d)
$4005.09
24.
Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually, how much total will Riley earn in 15 years?
a)
$1,584.62
b)
$2,651.39
c)
$2,706.86
d)
$1,825.10
25.
How do you calculate the balance in an account, with interest?
a)
Subtract the interest from the principle amount
b)
Multiply the principle, rate and time
c)
Add the interest to the principle amount
d)
Add the principle amount and the time
26.
What is the simple interest formula?
a)
I=rt
b)
I=prt
c)
I=bh
d)
I=Bh
27.
Before the simple interest formula can be used, what form does the rate need to be in?
a)
decimal
b)
years
c)
percent
d)
months
Reset
