Simple Interest

Lauren has $100 in a savings account that earns 10% interest annually. How much interest will she earn in 2 years?

• $20

• $2

• $200

• $0.20

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

Dayton has $90 in a savings account that earns 5% annually. How much will he have in his account in 1 year? (Hint: First find the interest, then add it to the original amount.)

• $4.50

• $945

• $45

• $94.50

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3

You get a student loan to pay for you educational expenses this year. Find the interest on the loan if you borrowed $2,000 at 8% for 1 year?

• $16

• $80

• $160

• $800

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

You are starting your own small business. You borrow $10,000 from the bank at a 9% interest rate for 5 years. Find the interest you will pay on this loan.

• $450

• $14,500

• $900

• $4,500

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

You are tired at the end of the school year and decided to borrow $500 to go on a trip to Florida. You go to the bank and borrow the money at 11% for 2 years. How much interest will you pay on the loan? How much will you pay the bank at the end of the loan?

• $55, $555

• $210, $500

• $110, $510

• $110, $610

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

Jane's dad wants to buy her a car for her birthday. He knows she really wants a Honda Civic, but he would need to take out a loan in order to get her the car she wants. He takes out a loan for $2,500. The money is borrowed at 9% for 7 months. How much interest will he have to pay on the loan?

• $225

• $2,700

• $131.25

• $1,575

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

Jane's dad wants to buy her a car for her birthday. He knows she really wants a Honda Civic, but he would need to take out a loan in order to get her the car she wants. He takes out a loan for $2,500. The money is borrowed at 9% for 7 months.  How much would it cost for Jane's dad to repay the loan?

• $131.25

• $2,500

• $263.13

• $2,631.25

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

Suppose Sovereign Bank is offering its customers 3% interest on savings accounts. If a customer deposits $1,500 in the account, what does the customer have in their bank account after 5 years?

• $1,725

• $225

• $172.50

• $22,500

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

Dianna deposits $725 into her savings account that earns 2% interest annually. How much money will Dianna have in her account after one and a half years?

• $21.75

• $217.50

• $746.75

• $$942.50

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

Jaime wants to earn $500 in interest so she'll have enough to buy a used car. She puts $2,000 into an account that earns 2.5% interest. How long will she need to leave her money in the account to earn $500?

• 10 years

• 1 year

• 5 years

• .1 years

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.4

CCSS.HSA.REI.B.3