Simple Interest

Presentation

•

Mathematics

•

8th Grade

•

Medium

•

CCSS

7.RP.A.3, HSF.IF.B.4, HSF.BF.A.2

Standards-aligned

Brandon Smith

Used 156+ times

FREE Resource

4 Slides • 6 Questions

Simple Interest

12/08/20

Multiple Choice

What is the formula for simple interest?

T = pri

I = prt

R = ipt

P = irt

Multiple Choice

The "p" in I = prt stands for...

portion

pre-Algebra

percent

principal

The "r" stands for rate and is going to be given to you in a percentage.

Multiple Choice

Since the rate is given to you in a percentage, we need to make it a decimal. How do we do that?

move the decimal point 2 spaces to the left

move the decimal point 2 spaces to the right

divide it by the principal

multiply it by the time

Multiple Choice

The "t" or time must always be expressed in...

months

days

years

hours

If your "t" isn't given to you in years, convert it.

days = divide by 365 (leap years don't really count in finance)
weeks = divide by 52
months = divide by 12

Remember, we are talking about money, so you need dollars and cents.

Round to the nearest hundredth. No half pennies until we talk about investing (or debt) [Stay away from debt!!!!!].

Multiple Choice

Caleb starts off w/ $3 in a saving account. His rate is 20% per year. How much will he have in 4 years?

240.00

$2.40

$20.00

$240.00

Multiple Choice

How much will Caleb have in his account in total?

$5.40

$242.40

$2.40

$7.80

Simple Interest

12/08/20

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