2.3 Simple Interest Worksheet

1. Gary deposits $3,700 in an account that pays 2.15% simple interest. He keeps the money in the account for three years, but doesn't make any deposits or withdrawals. How much interest will he receive after the three years?

• $253.68

• $238.65

• $286.35

• $265.83

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

CCSS.HSN.Q.A.1

2. How much simple interest is earned on $6,000 at an interest rate of 4.25% in 4½ years?

• $1147.50

• $1054.17

• $1471.05

• $1510.74

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSN.Q.A.1

3. How much principal would you have to deposit to earn $700 simple interest in 1½ years at a rate of 4%?

• $11,333.34

• $11,444.45

• $11,555.56

• $11,666.67

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSN.Q.A.1

4. Jesse estimates that it will cost $300,000 to send his newborn son to a private college in 18 years. He currently has $65,000 to deposit in an account. What simple interest rate would he need so that $65,000 grows into $300,000 in 18 years? Round to the nearest percent.

• 15%

• 18%

• 20%

• 24%

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.A.2

CCSS.HSA.REI.B.3

CCSS.HSF.BF.A.1

5. Dillon has a bank account that pays 3.2% simple interest. His balance is $1,766. How long will it take for the amount in the account to grow to $2,000? Round to the nearest year.

• 3 years

• 4 years

• 5 years

• 6 years

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.A.1

CCSS.HSA.REI.B.3

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.2

6. How long will it take $5,000 to double in an account that pays 5.6% simple interest? Round to the nearest year.

• 17 years

• 18 years

• 19 years

• 20 years

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSN.Q.A.1

7. How much simple interest would $1,500 earn in 11 months at an interest rate of 3.75%?

• $48.19

• $37.94

• $55.28

• $51.56

Tags

CCSS.HSN.Q.A.1

8. How much simple interest would $1,000 earn in 275 days at an interest rate of 4.21 %? (There are 365 days in a year.)

• $31.72

• $32.18

• $33.54

• $34. 07

Tags

CCSS.HSN.Q.A.1

9. Colin deposited $1,230 in an account that pays 3.19% simple interest for three years.

a. What will the interest be for the three years?

• $123.23

• $116.16

• $117.71

• $122.12

Tags

CCSS.HSN.Q.A.1

9. Colin deposited $1,230 in an account that pays 3.19% simple interest for three years.

b. What will be the new balance after three years?

• 1353.23

• 1346.16

• 1347.71

• 1352.12

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.4

CCSS.HSA.SSE.A.1

CCSS.HSN.Q.A.1