Exit Ticket for April 16, 2018
by Eldred Johnson
| 5 Questions
Note from the author:
Exit Ticket for Simple Interest Lesson
20 pts
The formula for simple Interest is ...
I = P + r + t
Interest is equal to Principal minus Rate minus time.
I = Pr / t
Interest is equal to Principal times rate times time.

20 pts
The P in the Interest formula represents the money that you end up with after interest is calculated.
20 pts
If the time for the interest period is less than 1 year ...
You must divide the number of months by 12.
You must add 12 to the number of months.
You must multiply the number of months by 12.
You must subtract the number of months from 12.
20 pts
Though the rate in the Interest formula is presented as a percentage, it must always be calculated as a/(an)
10 pts
Robert places $500.00 in the bank for 5 years at a rate of 12%. How much interest will he earn at the end of the five years?
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