SIMPLE INTEREST QUIZ You will answer 5 questions about simple interest. You may consult your notes. You may use a calculator. Take your time and think.

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Presentation transcript:

SIMPLE INTEREST QUIZ You will answer 5 questions about simple interest. You may consult your notes. You may use a calculator. Take your time and think about the steps you need to take in order to solve the problems. GOOD LUCK! GO WILDCATS!

Simple Interest 1.Define Simple Interest.

Simple Interest 2. To buy a computer, Fred borrowed $3000 at 9%, he will be making monthly payments for four years. Find the Simple Interest.

Simple Interest 3. I=PRT Explain what each variable represents FULLY.

4. When Jane bought her TV, she borrowed $500 at 5% simple interest. The total interest payable over the period of the loan is $50. How many years will it take her to repay the loan? Simple Interest

5. Interest Rate: 8% each year Starting Balance: $289 Time Passed: 6 years What is the simple interest AND new total balance?

Simple Interest ANSWER TIME!

Simple Interest 1. Interest paid on the initial investment (the principal) only.

Simple Interest 2. To buy a computer, Fred borrowed $3000 at 9%, he will be making monthly payments for four years X.09 X X 4 $1080

Simple Interest 3. I=PRT “I” is the interest "P" is the Principal and is the amount you borrow. "R" is the Rate in percent. "T" is the Time in years.

4. When Jane bought her TV, she borrowed $500 at 5% simple interest. The total interest payable over the period of the loan is $50. How many years will it take her to repay the loan? I=50 P=500 R=.05 50=500 X.05 X T 50= 25 X T 50/25 = 2 TIME IS 2 YEARS

5. Interest Rate: 8% each year Starting Balance: $289 Time Passed: 6 years I=289 X.08 X 6 I=23.12 X 6 I=$ TOTAL BALANCE DUE = $427.72