FUHRMS - Simple Interest Formula Question Preview (ID: 20914)
Using The Simple Interest Formula Of I = Prt.
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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
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 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 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
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
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 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. How is the ending balance?
a) 2%
b) $160
c) $8,000
d) $8,160
What is another word for interest rate?
a) Interest Earned
b) Principal
c) Annual Percentage Yield
d) Annual Percentage Rate
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