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Simple Interest Review
Test Description: Simple Interest Review
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 earned in dollars
C
Interest rate as a decimal
D
Interest rate in dollars
2) The p in the simple interest formula stands for...
A
Interest earned in dollars
B
Principal (or the original amount invested)
C
Percentage rate in dollars
D
Price of borrowing money
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 in days
B
Time in quarters
C
Time in months
D
Time in years
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
0.02
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
$8,160
B
2%
C
$8,000
D
0.02
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
2%
B
0.02
C
$8,160
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
0.02
C
1%
D
2%
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) Kevin invests $725 at 5.2%/a simple interest. What is the total amount in Kevin’s account at the end of 5 years?
A
$188.50
B
$913.50
C
$189.50
D
$2,610.00
11) What is the interest earned on $6500 at 8% simple interest for 9 months?
A
$4860
B
$520
C
$6890
D
$390
12) Find the interest. Round to the nearest cent. $1280 at 12% for 9 months
A
$17.07
B
$115.20
C
$11,520.00
D
$1,382.40
13) Find the interest due on a simple interest note having a face value of $500. The interest rate is 9% and the time is 6 months.
A
$45.00
B
$22.19
C
$22.50
14) What was the interest rate on a note with a principal of $800 and a time of 3 months if the interest was $18?
A
9%
B
2.25%
C
6%
15) How long will it take $1,600 to earn $64 interest at an 8% interest rate?
A
150 months
B
6 months
C
4 months
*select an answer for all questions
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