Simple Interest

Simple Interest

Standard: 7.RP.3

Use scale factors and unit rates in proportional relationships to solve ratio and percent problems.

I can solve problems with simple interest.

Multiple Choice

Principal = $500

Interest Rate = 5%

Time = 5 years

What is the interest earned?

• $95

• $125

• $105

• $135

Multiple Choice

Dan borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back IN TOTAL after 2 years?

• $150

• $1350

• $192

• $1392

Multiple Choice

How much interest will be earned for principal of $2,000 at and 8% rate for 5 years.

• $160

• $80,000

• $800

• $16

Multiple Choice

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

• $160

• $800

• $80,000

• $16

Multiple Choice

Jane received $875 from her graduation party. She put the money in a bank with a 4% simple interest rate. How much interest will she have earned after 7 years?

• $205

• $225

• $245

• $2,250

• $2,450

Multiple Choice

Colton took out a loan from the bank to purchase a car. If he borrowed $17,240 at a simple interest rate of 8.25%, how much total will he have paid after 5 years?

• $ 6894.25

• $ 7111.50

• $ 21, 548.90

• $ 22,890.75

• $ 24,351.50

Multiple Choice

When you take a loan from the bank, they want you to pay it back in a certain amount of time. If the terms of your loan are "36 months", how many years do you have to pay back the loan?

• 2 years

• 3 years

• 4 years

• 5 years

Multiple Choice

When you take a loan from the bank, they want you to pay it back in a certain amount of time. If the terms of your loan are "48 months", how many years do you have to pay back the loan?

• 2 years

• 3 years

• 4 years

• 5 years

Multiple Choice

When you take a loan from the bank, they want you to pay it back in a certain amount of time. If the terms of your loan are "72 months", how many years do you have to pay back the loan?

• 4 years

• 5 years

• 6 years

• 7 years