Solve Simple Interest Problems

Open Ended

What is today's learning goal?

Multiple Choice

What is New Banks offer?

• Open a savings account and receive $100 for your first deposit.
• Receive a free gift card with every account opened.
• Get a loan with no interest for the first year.
• Open a savings account and receive 5% added to your first deposit.

Multiple Choice

What is Flamingo Bank's offer?

• Open a savings account and receive $100 for your first deposit.
• Receive a free gift card with every account opened.
• Get a loan with no interest for the first year.
• Open a savings account and receive 5% added to your first deposit.

Multiple Choice

Gerard’s first deposit is $500. Which bank should he choose?

• Flamingo Bank

• New Bank

Fill in the Blanks

Victoria has another account at the bank that pays 2.5% simple interest. How much interest will she earn in 8 years on an initial deposit of $250 assuming she neither adds to nor withdraws from the account?

Multiple Choice

Another company will lend Maya’s older sister $4,000. Every month, she will pay $11.88 in interest. What is the interest rate, rounded to the nearest tenth of a percent, for 1 year?

• 3%

• 3.6%

• 5%

• 2.4%

Multiple Choice

Katelyn’s older brother borrowed money for school. He took out a loan that charges 6% simple interest. He will end up paying $720 in interest after 6 years. How much did Katelyn’s brother borrow for school?

• 1500
• 2500
• 3000
• 2000

Dropdown

The formula

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can be used to find simple interest. where,

I = ​

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P = ​

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r = ​

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t = ​

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Multiple Choice

If the interest earned on an account after 2 years is $15, how much would it be after 10 years?

• $100
• $50
• $30
• $75

Open Ended

What is Simple Interest?