Simple Interest

Alina Davis expects to receive $2000 in six months. Her bank offers loans at an annual rate of 5.60%. How much could she borrow now if she wants to be able to pay off the entire loan (including interest) with the $2000 she will receive in six months?

• $1845.57

• $1945.53

• $1923.78

• $1887.94

Tags

CCSS.8.EE.C.7B

Brian Ramirez needs to borrow $1000 to fly to Europe in the summer. His friend Tim offers him a loan over two years, at an annual interest rate of 4%. He can also borrow the same amount from his bank at an annual rate of 5%, but the loan needs to be paid back in 18 months. In addition, his cousin offers to loan him the $1000, provided that Sean pay her back $1100 in two years. Which of the following statements is true?

• Sean will pay the same amount in interest whether he accepts Tim's loan or the bank loan.

• Sean will pay the least amount in interest if he accepts the bank loan at 5%.

• Sean will pay the least amount in interest if he accepts his cousin's loan.

• Sean will pay the least amount in interest if he accepts Tim's loan at 4%.

What is the future value of a loan of $2800 to be repaid in 8 months at an annual interest of 9%?

• $3178.00

• $2926.00

• $2884.00

• $2968.00

Tags

CCSS.8.EE.C.7B

Tyron Shipp borrows $800 from the local bank, at an annual rate of 6.85%. The loan period is 37 weeks. How much money will he have to pay back at the end of the loan?

• $894.64

• $864.52

• $848.27

• $838.99

Tags

CCSS.7.RP.A.3

Michelle Sorto wants to borrow $500 to buy her favorite video game player and a couple of games. She asks a friend to lend her this amount, offering to pay him back $548 in 9 months. What is the annual interest rate for this short term loan?

• 12.8%

• 8.25%

• 20%

• 16.5%

Tags

CCSS.8.EE.C.7B

Irvin Perez is trying to earn $300 in interest for a new guitar. He puts $2500 in an account that earns 2% interest yearly (simple interest). How long will it take to earn $300?

• .6 years

• 6 years

• 416.7 years

• 6.7 years

• .06 years

Tags

CCSS.6.EE.B.7

As she enters college, Leslie Quintana puts $500 in a savings account that earns 3.5% simple interest yearly. At the end of 4 years, how much will be in the account?

• $507

• $700

• $1200

• $70

• $570

Tags

CCSS.HSF.BF.A.2

Troy Miralda invested $7000 in his account and he had $8050 after 4 years. What was the yearly interest rate (simple interest)?

• 3.75%

• 1.25%

• 2.5%

• 2.875%

• 28.75%

Tags

CCSS.7.RP.A.3

Violeta Orpilla invested $4000 in an account that earns 5% interest yearly (simple interest). She forgets about it for 12 years. How much will be in the account after all that time?

• $2400

• $6400

• $4400

• $2200

• $6200

Tags

CCSS.HSF.BF.A.2

Charlotte Del Cid Coronado is investing $1000 and wants to double it in 8 years. What yearly, simple interest rate will she need to find?

• 8%

• 0.25%

• 12.5%

• .8%

• 1.25%

Tags

CCSS.7.RP.A.3