Simple Interest

Simple Interest

By Lynette Quintana

​Interest

principal

rate

time *(in years)

​I=prt

Open Ended

LET'S PRACTICE...

Find:

$10,000 at 4.2% for 5 years

Multiple Choice

$2,400 at 3.5% for $$5\ \frac{1}{4}$$   years.

• I=$44,100

• I=$441

• I=$4410

Multiple Choice

$840 at 3.5% for 9 months

• I=$220.50

• I=$264.60

• I=$2,205

• I=$22.05

Open Ended

Find:

$12,400 at 10% for 18 months

Multiple Choice

Malorie took out a loan to build a deck.

The loan was for $15,000 and had a 7.5% simple interest rate.

If she paid a total of $1,687.50 in interest,

how long did she have the loan?

• 1.5 years

• 1 month

• 1.8 months

• 9 years

Multiple Choice

Beth took out a 6-month loan to buy furniture.

If she had a 4% simple interest rate and paid a total of $28 in interest,

calculate the original loan amount.

• $14

• $56

• $1400

• $116.67

Open Ended

Deanna started a savings account for her granddaughter when she was born.

She put $1,500 in an account with a simple 3.25% interest rate.

What will be the total amount in the account after 18 years?

Open Ended

Jessica took out an $84,000 loan to buy her grandmother a house.

After 10 years, she had paid $31,500 in interest.

What was her interest rate?

IXL (M.12):

Simple Interest​

Homework