# 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? |
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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? |
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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? |
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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? |
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a) 2% | b) $8,160 | c) .02 | d) $8,000 | |

The t in the simple interest formula stands for... |
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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? |
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a) 2% | b) $8,160 | c) .02 | d) $8,000 | |

The r in the simple interest formula stands for... |
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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... |
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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... |
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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? |
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a) Interest Earned | b) Principal | c) Annual Percentage Yield | d) Annual Percentage Rate | |

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