Free Printable simple interest

1.

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

2.

If you are calculating the simple interest and you are given the time in months, how can you find the time in years?

a)

Add 12 to the months

b)

divide the months by 12

c)

multiply 12 times the months

d)

You cannot change it to months.

3.

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

4.

What is the formula for simple interest?

a)

A=P(1+r)^t

b)

I=Prt

c)

I=P(1+r)t

d)

A=Prt

5.

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

a)

Principle

b)

Interest

c)

Time, in hours

d)

Time, in years

6.

Convert 18 months to years.

a)

18 Years

b)

1.5 Years

c)

.18 Years

d)

You cannot change it to years.

7.

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

a)

Important

b)

Interest

c)

Internet

d)

Igloo

8.

The Principal and Interest are always___________.

a)

fraction

b)

decimal

c)

percent

d)

money

9.

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

10.

John just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions enable him to earn MORE interest?

a)

selecting an account with a higher interest rate

b)

leaving his money in the account for a long period of time

c)

transferring money into his checking account each month

d)

higher interest rate AND leaving money in for a longer time

11.

interest is _________

a)

extra money paid for borrowing

b)

interesting

c)

Flocabulary songs

d)

time times rate

12.

Write the percent as a decimal.
4.3%

a)

4.3

b)

.43

c)

.043

d)

4300

13.

Mae invested $5000 for 3 months at 4.8% pa simple interest.

Which two of these calculations will find the interest earned?

a)

I= 5000 × 0.048 × 3

b)

I= 5000 × 0.048 × 0.25

c)

I= 5000 × 0.004 × 3

d)

I= 5000 × 0.004 × 0.25

14.

$2000 is invested for 15 months at an interest rate of 6.4 % p.a. What are the values for the variables of the simple interest formula?

a)

P= $2000 R= 6.4 T=15

b)

P=$2000 R=6.4 T=1.25

c)

P=$2000 R=0.064 T=1.25

d)

P=$2000 R=0.064 T=15

15.

How many quarters in 7 years?

a)

1.75

b)

21

c)

28

d)

1.50

16.

What is the formula for finding the Principal from the simple interest formula?

a)

P=IRT

b)

P=I/RT

c)

P=A/((1+R)^n )

d)

P=R/TI

17.

How many weeks in a year?

a)

365

b)

52

c)

26

d)

12

18.

What is "n" if the interest is compounded semi-annually?

a)

1

b)

12

c)

365

d)

2

19.

Use difference of two squares to expand and simplify

\left(x-3\right)\left(x+3\right)

a)

$x^{2\ }-6x+9$

b)

$x^2+6x-9$

c)

$x^2+9$

d)

$x^2-9$

20.

Use difference of two squares to expand and simplify

\left(3-2d\right)\left(3+2d\right)

a)

$3-2d^2$

b)

$9-2d^2$

c)

$9-4d^2$

d)

$9-6d-4d^2$

21.

Use the perfect square rule/pattern to expand

\left(5-3k\right)^2

a)

$25+9k^2$

b)

$25-30k+9k^2$

c)

$25-30k-9k^2$

d)

$25-15k+9k^2$

22.

$(a+b)²$

a)

$a²-b²$

b)

$a²+2ab+b²$

c)

$a+2b$

d)

$a-2b$

23.

$(m–4)(m–4)$

a)

$m^2-8m+16$

b)

$m^2+16$

c)

$2m\ +16$

d)

$2m+8m-16$

simple interest

Total questions: 23

Worksheet time: 2hrs 55mins

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