FUHRMS - Simple Interest Formula: Question Preview (ID: 20914)


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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) 2% b) $160 c) $8,000 d) $8,160
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) .02 b) 2% c) 1% d) 1
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) 2% b) $160 c) .02 d) $8,160
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) 2% b) $8,160 c) .02 d) $8,000
The t in the simple interest formula stands for...
a) Time in months b) Time is days c) Time is quarters d) Time in years
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) $8,160 c) .02 d) $8,000
The r in the simple interest formula stands for...
a) Interest rate in percentage form b) Interest rate in dollars c) Interest rate in decimal form d) Time in months
The P in the simple interest formula stands for...
a) Principal (or original amount invested) b) Interest Earned in dollars c) Percentage rate in dollars d) Price of borrowing money
The I in the simple interest formula stands for...
a) Interest Earned in dollars b) Interest Rate in dollars c) Interest Rate in decimal d) Account Balance in dollars
What is another word for interest rate?
a) Interest Earned b) Principal c) Annual Percentage Yield d) Annual Percentage Rate
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