Simple Interest

William 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 William will pay for the chair?

• $2,600

• $924

• $9,240

• $260

Mr. Pham has $410,000 in a retirement account that earns 3.85% simple interest each year. Determine the amount earned each year by this investment.

• $15,785

• $157,850

• $425,785

Starting money = $350.

Interest rate = 2.5%

TIme = 3 years.

How much total is in the account after the 3 years?

• $7.50

• $26.25

• $376.25

• $262.50

The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  

• the amount of money borrowed or deposited
• the percent interest for his year
• the amount taxed
• the amount the bank owes you for being a customer at their bank

Tags

CCSS.8.EE.C.7B

Julie borrowed $3,500 for 3 years at 7½% simple interest rate.

How much interest is that?

• Julie borrowed $3,500 for 3 years at 7½% simple interest rate.

  How much interest is that?

• $787.50

• $810

• $812.50