U2: SOL 8.4 - Simple Interest & Checkbooks

The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a ______.

• fraction

• decimal

• ratio

• dollar amount

Principal = $350

Interest rate = 2.5%

Time = 3 years

How much interest?

• $7.50

• $26.25

• $87.50

• $262.50

Julie borrowed $3,500 for 3 years at 7.5% simple interest rate. How much interest is accrued?

• $78,750

• $787.50

• $810

• $4,287.50

Drake went to the mall and saw a massage chair that he would have to take a loan out to purchase. The total of the loan was $6600. The bank said that he could get a simple interest rate of 8% for 5 years. What is the total amount that he will pay for the chair?

• $2600

• $924

• $9240

• $260

Emilio borrows $1200 from a bank with 8% simple interest rate. What will be the amount of interest after 2 years?

• $150

• $192

• $1350

• $1392

Anna invested $2,500 at an annual rate of 5%.  How long will it take until Anna earns $1,125 in interest?

• 5 years
• 8 years
• 10 years
• 9 years

Tags

CCSS.6.EE.B.7

Jack deposited $1,400 in his bank account.  After 3 years, the account earned $294 in interest.  Find the simple interest rate.

• 5%
• 8%
• 7.25%
• 7%

Tags

CCSS.7.RP.A.3

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% in simple interest. What will be his total balance after 15 years?

• $270.75

• $745.75

• $2,707.50

• $846.80

When balancing a checkbook, a debit is ___________ the balance.

• added to

• subtracted from

When balancing a checkbook, a credit is ___________ the balance.

• added to

• subtracted from