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Interest
Test Description: Simple Interest
Instructions: Answer all questions to get your test result.
1) When given a rate, you must convert it to a ___________ before using it in the formula.
A
fraction
B
decimal
C
money
D
percent
2) What does the word principle mean in the interest formula?
A
the amount the bank owes you for putting your money in an account
B
the person in charge of a school
C
the amount of money borrowed or deposited
D
the amount of money that is taxed
3) What is the percentage 7.4% written as a decimal?
A
0.074
B
0.0074
C
0.74
D
7.4
4) What is the interest if you borrow $350 at a rate of 4.9% for 2 years?
A
$17.15
B
$3.43
C
$34.30
D
$343.00
5) Calculate the BALANCE if the principle is $250, the rate is 8% and the time is 1 year.
A
$20
B
$230
C
$270
D
$200
6) How much interest is earned for $1,900 at 6.2% for 5 years?
A
$570
B
$5.89
C
$5,890
D
$589
7) Write 49.3% as a decimal.
A
4.93
B
0.49
C
0.0493
D
0.493
8) What does the I stand for in the interest formula?
A
interest
B
I don't know
C
It
D
interesting
9) Rainbow Brite borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?
A
$1,376
B
$192
C
$960
D
$1,392
10) Mr. Potato Head has $410,000 in a retirement account that earns 3.85% simple interest each year. Determine the amount earned each year by this investment.
A
$15,875
B
$425,785
C
$15,785
D
$1,000,000
*select an answer for all questions
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