Simple Interest Exit ticket quiz 12/17

Simple Interest Quiz

Simple Interest

• Interest: how much is paid or earned for the use of money (as a percent, or an amount)

Multiple Choice

Shanti wants to borrow $1,000. Ms. Grabov, the bank manager, say, "We charge 10% interest for 2 years". How much interest will she owe after 2 years?

• $200

• $2,000

• $20,00

Multiple Choice

Lateef deposits $2,500 at 6% interest for 5 years? How much interest did he earn?

• $75,000

• $150

• $750

Multiple Choice

Arli invest $10,000 to save for college. If the moneys earns 3.5% for 10 years, how much extra did he earn for college?

• $350

• $35,000

• $3,500