# Simple Interest Review Question Preview (ID: 42227)

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Simple Interest Review.
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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 Kevinâ€™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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