FUHRMS - Simple Interest Formula Question Preview (ID: 20914)


Using The Simple Interest Formula Of I = Prt. TEACHERS: click here for quick copy question ID numbers.

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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