What do you call the initial amount of money borrowed or invested before any interest is added?, Interest rate, Principal, Total amount, Time, To use an interest rate in mathematical calculations, you must first write it as a decimal. What is 6% written as a decimal?, 0.60, 6.0, 0.006, 0.06, The formula for simple interest is I = P x r x t. What does the variable t stand for in this formula?, Total money, Time in years, Total interest, Type of account, If you deposit ₱100 into a savings account that earns a 5% simple annual interest rate, how much interest will you earn after 1 year?, ₱5, ₱10, ₱50, ₱105, If Maria borrowed ₱200 and owes ₱20 in simple interest at the end of the loan, what is the total amount she must pay back?, ₱20, ₱180, ₱200, ₱220

Simple Interest Pre-test

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