Finding Simple Interest

Mike saves $2,000 at a yearly simple interest rate of 2%. He earns $280 in interest. For how many years did he save this money?

• 5 years

• 6 years

• 7 years

• 8 years

Tags

CCSS.7.RP.A.3

Elliot borrows $900 to buy an appliance at a yearly simple interest rate. He takes 3 years to pay off the loan and interest. He pays $135 in interest. What is the interest rate?

• 4%

• 5%

• 6%

• 7%

Tags

CCSS.7.RP.A.3

Robin saves $500 at a yearly simple interest rate of 4%. What is the total amount of money she has after 20 years?

• $900

• $950

• $1000

• $1050

Tags

CCSS.7.RP.A.3

A new business borrows $320,000 at a yearly simple interest rate of 7%. The total amount the company repays for the loan and interest is $678,400. How long did it take to pay off the loan?

• 25 years

• 20 years

• 15 years

• 16 years

Tags

CCSS.6.EE.B.7

Brayden saves $1,500 at a yearly simple interest rate of 2.5%. How many years does it take for the amount he has saved to be double the original amount?

• 45 years

• 40 years

• 35 years

• 30 years

Tags

CCSS.6.EE.B.7