1) Interest is a fee paid for borrowing money. a) True b) False 2) The simple interest formula is I= P(r + t). a) True b) False 3) You should always convert percentages to decimals. a) True b) False c) I don't know. 4) In calculating simple interest, "P" stands for principal, which is __________________________________. a) a leader of a school. b) the initial money amount invested or borrowed. c) the rate used to calculate interest. 5) To calculate simple interest, you _______________ the principal with the rate and time. a) add b) subtract c) multiply d) divide 6) Change the following percent to a decimal. 6.35% a) 635 b) 6.35 c) 0.635 d) 0.0635 7) Change the following percent to a decimal. 7.775% a) 777.5 b) 77.5 c) 0.07775 d) 0.7775 8) Amy takes out a loan for $3000 at 9.75%. How much simple interest will she pay after 4 years? a) $117,000.00 b) $1230.77 c) $7692.31 d) $1170.00 9) 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? a) $80.00 b) $1080.00 c) $8000.00 d) $250.00 10) Calculate the interest earned for the following: $3600, at 9% for 7 years. a) $2268.00 b) $226,800.00 c) $57.14 d) $5714.29

Simple Interest

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