Simple Interest

Ben deposit $ 6500 in a simple interest account that pays 2.8% interest annually. If Ben leaves the money in the account for 12 years, how much interest will he earn.

• $ 2184

• $ 2183

• $ 2180

• $ 2181

Steph took out a simple interest loan that charges 8.5% interest annually. If her original loan amount was for $30,000 and she is paying off the loan over 20 years, how much will she pay altogether?

• $ 51 000

• $ 80 000

• $ 81 000

• $ 30 000

Determine the principal that will earn $ 294 in 5 years at 6% per annum simple interest.

• $ 981

• $ 881

• $ 781

• $980

Determine the principal that will earn $200 as simple interest after 8 years at 5% per annum.

• $400

• $300

• $500

• $600

Derek deposited $3000 in a simple interest account 3 years ago. He has earned $360 in interest so far. What is the interest rate for his account?

• 4%

• 8%

• 5%

• 4.5%

Hector took out a small loan of $900 for 18 months. The simple interest rate on the loan was 10.5%. How much will he pay in interest on the loan?

• $141.72

• $140.75

• $141.75

• $143.74

Todd takes out a student loan for $25 000. The annual simple interest rate on the loan is 7.75%. If Todd will be paying $38,750 in interest alone how many years is he taking to pay off the loan?

• 20 years

• 40 years

• 60 years

• 21 years

Clint earned $1,155 in interest from his simple interest account over the last 5 years. The account pays 1.25% interest annually. How much did Clint originally deposit in his account?

• $ 18,580

• $ 18,480

• $ 17,000

• $ 17,480

Susie opens a simple interest checking account. After 6 months, her account grew from $500 to $508.75. What is the interest rate on her account?

• 2.5%

• 3.4%

• 4.5%

• 3.5%

Trevor deposits $1500 in a simple interest account that pays 4.3% interest annually. After 15 years, how much total money would be in the account?

• $2,467.50

• $2,467.00

• $3,467.50

• $3,467.00