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