Interest is a fee paid for borrowing money. , True, False, The simple interest formula is I= P(r + t)., True , False, You should always convert percentages to decimals. , True, False, I don't know. , In calculating simple interest, "P" stands for principal, which is __________________________________., a leader of a school., the initial money amount invested or borrowed., the rate used to calculate interest. , To calculate simple interest, you _______________ the principal with the rate and time., add, subtract, multiply, divide, Change the following percent to a decimal. 6.35%, 635, 6.35, 0.635, 0.0635, Change the following percent to a decimal. 7.5%, 0.75, 77.5, 0.075, 0.0075, Amy takes out a loan for $3000 at 9.75%. How much simple interest will she pay after 4 years?, $117,000.00, $1230.77, $7692.31, $1170.00, Jason plans to invest $1000 into an account earning 4% simple interest. How much money will he have in the account at the end of 2 years?, $80.00, $1080.00, $8000.00, $250.00, Calculate the interest earned for the following: $3600, at 9% for 7 years. , $2268.00, $226,800.00, $57.14, $5714.29.

Simple Interest #1

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