9-3: TEKS Practice

  • 1. To find simple interest, you multiply the principal (in dollars), the interest rate (as a decimal), and the time in years. The equation 24.00 = 400 · 0.015 · 4 shows how to find the simple interest for a certain account after 4 years.

    • a. What is the interest rate (as a percent)?

      • A. 0.015%

      • B. 400%

      • C. 1.5%

      • D. 24.00%

    • b. How much is the simple interest?

      • A. $4

      • B. $1.50

      • C. $24.00

      • D. $400

    • c. What is the principal?

      • A. $4

      • B. $24.00

      • C. $400

      • D. $1.50

  • 2. Suppose you deposited $100 in a savings account 4 years ago. The simple interest rate is 2.2%. The interest that you earned in those 4 years is $8.80.

    Which of the following is/are true? Select all that apply.

    • A. r = 2.2%

    • B. p = 100

    • C. I = 4

    • D. t = 8.80

  • 3. An account has a principal of $500 and a simple interest rate of 3.3%. Figure 1 below shows the simple interest earned and the new account balance for 1, 2, and 3 years. Complete the table in Figure 1 for the fourth year.

  • 4. If the simple interest on $2,000 for 2 years is $320, then what is the interest rate?

  • 5. Edward deposited $6,000 into a savings account 4 years ago. The simple interest rate is 3%.

    • a. How much money did Edward earn in interest?

    • b. What would be his new account balance?

  • 6. Think About the Process You deposit $2,900 into a bank account with a simple interest rate of 10%.

    • a. How do you find your account balance after 5 years?

      • A. First use I = prt to find the simple interest earned after 5 years. Then add that to the rate.

      • B. First use I = prt to find the simple interest earned after 5 years. Then add that to the time.

      • C. First use I = prt to find the simple interest earned after 5 years. Then subtract that from the principal.

      • D. First use I = prt to find the simple interest earned after 5 years. Then add that to the principal.

    • b. What will your account balance be after 5 years?


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Table of Contents

Digits, Grade 7, Volume 1, Homework Helper Unit A: Number and Operations Unit B: Expressions, Equations, and Relationships Unit C: Measurement and Geometry Unit D: Proportionality English/Spanish Glossary Formulas Math Symbols Formulas Measures Properties