Simple Interest

Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?

• $1350

• $192

• $150

• $1392

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To find the interest we apply the equation I= Prt where I represents the __________,

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In the equation I= Prt, the values involved are

• interest

• interest rate

• down payment

• principal

• time

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In a problem, Principal and Interest are always

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Calculate the interest earned on a $4,500 savings account that earns 2.5% simple interest over three years.

• $33.75

• $337.50

• $4837.50

• $4838.00

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Determine the balance on a $250 account that earns 3% simple interest over 7 years.

• $52.50

• $302.50

• $197.50

• $305.00

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A bank offers an annual interest rate of 3.8%. You put $2300 in an account and for 5 years. How much will you have in your account?

To answer this problem you need to

• use only the interest formula I = Prt

• use the interest formula (I = Prt) and then add to the principal

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You are going to purchase a car whih costs $ 17,800. You have a down payment of $2,300. The car dealer will charge 3% interest, and you will pay the car in 4 years. How much will you have to repay the store for the loan?

• $19,660

• $17,360

• $1,860

• $276

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Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?

• $140

• $2120

• $120

• $1440

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Find the ending balance of your saving account if you deposit $1,400 at 4% annual rate for 60 months

• $280

• $1,456

• $1,680

• $1,403

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