Simple Interest Check

Susie opens a simple interest checking account. After 6 months, her account grew from $500 to $508.75. What is the interest rate (to the nearest whole percent) on her account?

• 3.5%

• 17%

• 0.3%

• 50%

A couple took out a $5,000 loan from the bank. The loan had a simple interest rate of 7.5% per year. By the end of the loan, the couple had paid $2,250 in interest. What was the length of the couple’s loan?

• 6 years

• 4 years

• 7 years

• 5 years

P= $50 R= _____ T= 3 years I=$12

• 8%

• 4%

• 6%

• 10%

The money you earn on an investment is called...

• Interest

• Principal

• Rate

• Time

The amount you start with or invest is called what?

• Interest

• Rate

• Principal

• Time

Find the interest on a loan of $2500 that is borrowed at 9% for 7 months.

• 4 years

• $131.25

• $1,080

• $230.23

p=$8,500 r=6.5% t=144 months, what is the interest accrued?

• $131.24

• $6,630

• $261

• $6,360.23

r=6% t=4 years i= $73.80, what is p?

• $702.50

• $888

• $432

• $307.50

Brynden deposited $6,500 in a simple interest account that pays 2.8% interest annually. If Brynden leaves the money in the account for 12 years, how much interest will he earn?

• $2,184,000

• $2184

• $21,840

• $218,400

You deposit $5000 in an account that earns 5% simple interest. How long will it take you to earn $1,000 in interest?

• 40 years

• .4 years

• 4 years

• 4 months