# 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?**

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?**

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?**

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?**

a) 2%

b) $8,160

c) .02

d) $8,000

**The t in the simple interest formula stands for...**

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?**

a) 2%

b) $8,160

c) .02

d) $8,000

**The r in the simple interest formula stands for...**

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...**

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...**

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?**

a) Interest Earned

b) Principal

c) Annual Percentage Yield

d) Annual Percentage Rate

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