Simple Interest

Notations and Definitions of

Terms

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What is the formula used to find the simple interest

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Sami invested S400 for 2 years at 5% per year simple interest. Work out the total interest Sami gets.

Formulas for rate, time and

principal

Multiple Choice

Emilio borrows $1200 from a bank with 8% simple interest per year.  What is the simple interest?

• $192

• $19200

• $1920

• !9.20

Multiple Choice

Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?

• 95

• 105

• 125

• 135

Multiple Choice

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

• 6%

• 26%

• 8%

• 9%

Multiple Choice

The simple interest formula is I=Prt.  What does the t represent?

• Time in months

• Time in days

• time in years

• time in weeks