1A Simple Interest Lesson

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

Stefan borrowed $8,950 for an engagement ring. At a 6.85% simple interest rate, how much total will he have paid after 6 years?

• $ 3,378.45

• $ 37,784.50

• $ 12,504.25

• $ 12,595.80

• $ 12, 628.45

Multiple Choice

Jonah earned $150.36 in interest on an account that earns 1.4% simple interest. If Jonah opened the account 12 years ago, what was the principal amount?

• $850

• $868

• $880

• $895

• $902