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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
Interest Earned in dollars
B
Interest Rate in dollars
C
Account Balance in dollars
D
Interest Rate in decimal
2) The P in the simple interest formula stands for...
A
Interest Earned in dollars
B
Percentage rate in dollars
C
Price of borrowing money
D
Principal (or original amount invested)
3) The r in the simple interest formula stands for...
A
Interest rate in decimal form
B
Interest rate in percentage form
C
Time in months
D
Interest rate in dollars
4) The t in the simple interest formula stands for...
A
Time is days
B
Time in years
C
Time in months
D
Time is quarters
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
$8,160
B
.02
C
2%
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
$8,000
B
.02
C
2%
D
$8,160
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
2%
C
.02
D
$160
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
1%
C
2%
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
2%
B
$8,160
C
$160
D
$8,000
10) What is another word for interest rate?
A
Interest Earned
B
Principal
C
Annual Percentage Yield
D
Annual Percentage Rate
*select an answer for all questions
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