Simple Interest Quiz 2

Find the simple interest for a loan of $3400 at 5% for 2 years.

• $340

• $34000

• $3400

• $34

What is the total balance of an account with a starting balance of $600 at 2.4% for 6 months?

• $672

• $607.20

• $864

• $86.40

P = $560

R = 7%

T = ?

I = $196

• 19 Years

• 9 Years

• 5 Years

• 3 Years

Betty invested $1475 at a rate of 8% and earned $177 in interest. How long was her money invested?

• 1 Year

• 1.5 Years

• 2 Years

• 3.5 Years

Makayla earned $3000 on savings account after 10 years at a rate of 15%. How much money did she originally put in the account?

• $1000

• $6000

• $2000

• $1500

 Find the principal for a loan that has an earned interest of $3500 with an annual rate of 10% for 5 years.

• $6500

• $5000

• $3750

• $7000

Reflecting on what Miss Lane asked me at the start of this lesson, I now feel:

• Confident using the Simple Interest formula to determine Interest, Rate, Time and the Principal

• I understand how to use the Simple Interest Formula to determine Interest, Rate, Time and the Principal, but need to practice

• I am still having trouble understanding how to use the Simple Interest Formula to determine Interest, Rate, Time and the Principal