Simple Interest

Michelle deposited $8,500 into a savings account 2 years ago. The simple interest rate is 5%. How much money did Michelle earn in interest?

• $850

• $1,112

• $9,350

• $425

Tags

CCSS.7.RP.A.3

If the simple interest on $1,000 for 2 years is $100, the interest rate is ______%.

Tags

CCSS.7.RP.A.3

Maya's older sister was lent $4,000. Every month, she will pay $11.88 in interest. What is the interest rate, rounded to the nearest tenth of a percent, for 1 year?

• 3.6%

• 0.3%

• 2.5%

• 4.1%

• 11.9%

Tags

CCSS.6.RP.A.3C

Harlem opened a savings account that earns 1.5% interest. Harlem estimates that, assuming he neither adds nor withdraws from his account, he will earn $240 in interest after 10 years. How much did Harlem deposit when he opened the account? Fill in the blank to answer the question: Harlem deposited $_______.

Tags

CCSS.7.RP.A.3

Mahki's older brother borrowed money for school. He took out a loan that charges 6% simple interest. He will end up paying $720 in interest after 6 years. How much did Mahki's brother borrow for school?

• $2,000

• $2,200

• $2,720

• $3,210

Tags

CCSS.7.RP.A.3

Johanna paid $144 in simple interest on a $2,000 loan that she repaid in 2.5 years. What interest rate did Johanna pay on the loan?

• 2.88%

• 2.5%

• 1.75%

• 3%

• 4.29%

Tags

CCSS.7.RP.A.3

A new bank customer with $4,000 wants to open a money market account. The bank is offering a simple interest rate of 1.9%. The customer will earn $______ in interest after 30 years.

Tags

CCSS.7.RP.A.3

Brazil's account has a principal of $800 and a simple interest rate of 3.5%. How much money will be in the account after 4 years, assuming Brazil does not add or take out any money?

• $912

• $112

• $1,050

• $2,400

• $756

Tags

CCSS.HSF.BF.A.2

Tommy earned $30.40 in interest after 4 years on a principal of $200. His simple interest rate is 3.8%. Jane earned $81.90 in interest after 3 years on a principal of $700. Her simple interest rate is 3.9%. Which bank would you rather use? Explain your reasoning.

• Jane's because her bank offer a better interest rate.

• Jane's because her bank accepted a smaller principal.

• Tommy's because his bank paid more interest.

• Tommy's because his investment took less time.

Tags

CCSS.6.RP.A.3A

Kamauri deposits $600 into a simple interest savings account. After a year, the account balance will be $615. What is the interest rate? Fill in the blank to answer the question: The simple interest rate will be ______%.

Tags

CCSS.7.RP.A.3