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FUHRMS - Simple Interest Formula
Test Description: Using the simple interest formula of I = Prt
Instructions: Answer all questions to get your test result.
1) The I in the simple interest formula stands for...
A
Account Balance in dollars
B
Interest Rate in dollars
C
Interest Rate in decimal
D
Interest Earned in dollars
2) The P in the simple interest formula stands for...
A
Principal (or original amount invested)
B
Price of borrowing money
C
Percentage rate in dollars
D
Interest Earned in dollars
3) The r in the simple interest formula stands for...
A
Interest rate in decimal form
B
Interest rate in percentage form
C
Interest rate in dollars
D
Time in months
4) The t in the simple interest formula stands for...
A
Time in years
B
Time is quarters
C
Time in months
D
Time is days
5) Michael is saving money to buy a car. He takes $8,000 to the bank and opens an annual certificate of deposit (CD) upon which the bank agrees to pay him 2% interest. What is the P?
A
2%
B
.02
C
$8,160
D
$8,000
6) Michael is saving money to buy a car. He takes $8,000 to the bank and opens an annual certificate of deposit (CD) upon which the bank agrees to pay him 2% interest. What is the r?
A
.02
B
$8,160
C
2%
D
$8,000
7) Michael is saving money to buy a car. He takes $8,000 to the bank and opens an annual certificate of deposit (CD) upon which the bank agrees to pay him 2% interest. What is the I?
A
$8,160
B
.02
C
$160
D
2%
8) Michael is saving money to buy a car. He takes $8,000 to the bank and opens an annual certificate of deposit (CD) upon which the bank agrees to pay him 2% interest. What is the t?
A
1%
B
2%
C
1
D
.02
9) Michael is saving money to buy a car. He takes $8,000 to the bank and opens an annual certificate of deposit (CD) upon which the bank agrees to pay him 2% interest. How is the ending balance?
A
$8,000
B
$160
C
2%
D
$8,160
10) What is another word for interest rate?
A
Interest Earned
B
Annual Percentage Yield
C
Annual Percentage Rate
D
Principal
*select an answer for all questions
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