# Simple Interest Review Question Preview (ID: 42227)

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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. 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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