Simple Interest 2

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

• $7.50

• $26.25

• $87.5

• $262.50

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

• Principle

• Interest

• Time

• Percent Rate

Emilio borrows $1200 from a bank with 8% simple interest per year. How much interest will he have to pay back?

• $150

• $192

• $1350

• $1392

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%

• 6%

• 8%

• 9%

What does the "I" in the interest formula stand for?

• Important

• Interest

• Internet

• Igloo

Chloe borrowed $3,600 from USA Savings Bank for 18 months, and at the end of the 18 months she will repay a total of $4,059 to the bank. What is the interest rate for this loan?

• 8.5%

• 9.5%

• 12.5%

• 2%

Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the simple interest earned.

• $14

• $140

• $168

• $16.80

Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase.  The bank said that she could get a simple interest rate of 8% for 5 years.  What is the total amount that Beyonce will pay for the chair?

• $2600

• $910

• $9100

• $260

Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?

• $120

• $144

• $1,200

• $1,440

If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?

• divide 12 by the months

• divide the months by 12

• multiply 12 times the months

• change the months to a decimal