Simple Interest Review Question Preview (ID: 42227)


Simple Interest Review. 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. What is the I?
a) $8,160
b) 2%
c) 0.02
d) $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) 1
b) 0.02
c) 2%
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 r?
a) $8,160
b) 0.02
c) 2%
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. How is the ending balance?
a) $160
b) 2%
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 p?
a) $8,000
b) 2%
c) 0.02
d) $8,160

The t in the simple interest formula stands for...
a) Time in quarters
b) Time in months
c) Time in years
d) Time in days

the r in the simple interest formula stands for
a) Time in months
b) Interest rate in percentage form
c) Interest rate in dollars
d) Interest rate in decimal form.

The p in the simple interest formula stands for...
a) Principal (or the original amount invested)
b) Price of borrowing money
c) Percentage rate in dollars
d) Interest earned in dollars

The I in the simple interest formula stands for...
a) Interest rate in dollars
b) Interest earned in dollars
c) Account balance in dollars
d) Interest rate as a decimal

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) $189.50
c) $913.50
d) $2,610.00

What is the interest earned on $6500 at 8% simple interest for 9 months?
a) $390
b) $520
c) $4860
d) $6890

Find the interest. Round to the nearest cent. $1280 at 12% for 9 months
a) $17.07
b) $115.20
c) $1,382.40
d) $11,520.00

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
d)

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%
d)

How long will it take $1,600 to earn $64 interest at an 8% interest rate?
a) 6 months
b) 150 months
c) 4 months
d)

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