Interest Question Preview (ID: 45433)


Simple Interest. TEACHERS: click here for quick copy question ID numbers.

When given a rate, you must convert it to a ___________ before using it in the formula.
a) decimal
b) percent
c) fraction
d) money

What does the word principle mean in the interest formula?
a) the person in charge of a school
b) the amount the bank owes you for putting your money in an account
c) the amount of money borrowed or deposited
d) the amount of money that is taxed

What is the percentage 7.4% written as a decimal?
a) 0.74
b) 0.074
c) 0.0074
d) 7.4

What is the interest if you borrow $350 at a rate of 4.9% for 2 years?
a) $3.43
b) $343.00
c) $34.30
d) $17.15

Calculate the BALANCE if the principle is $250, the rate is 8% and the time is 1 year.
a) $20
b) $230
c) $200
d) $270

How much interest is earned for $1,900 at 6.2% for 5 years?
a) $589
b) $5.89
c) $5,890
d) $570

Write 49.3% as a decimal.
a) 4.93
b) 0.0493
c) 0.493
d) 0.49

What does the I stand for in the interest formula?
a) I don't know
b) interesting
c) It
d) interest

Rainbow Brite borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?
a) $192
b) $1,392
c) $1,376
d) $960

Mr. Potato Head has $410,000 in a retirement account that earns 3.85% simple interest each year. Determine the amount earned each year by this investment.
a) $15,875
b) $425,785
c) $15,785
d) $1,000,000

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