Percentages and simple interest

Erin deposits $500 in a bank account that pays simple interest at a rate of 9.8% per annum. Find how many years it will take for Erin's money to triple.

Calculate the simple interest on a loan of $10 000 at a rate of 8.5% per annum over 1.5 years.

Stephen deposits $8 600 inn a bank account that pays simple interest at a rate of 6.5% per annum. Find how many years it will take for Stephen's money to double.

If Sam borrows $210 for 7 years at an interest rate of 8%, how much interest will he pay?

• $327.60

• $805.00

• $1015.00

• $117.60

If you borrow $1,900 for 2.5 years at an interest rate of 5.9%, how much interest will you pay?

• $280.25

• $2,180.25

• $295.50

• $2,295.25

Use Compound Interest Formula to find the ending balance.

Your 3 year investment of $7,300 received 7% interest compounded semiannually. What is your total return?

• $8,973.56

• $44,190.10

• $8,942.81

• $1,533

The Principal and Interest are always ___________.

• fractions

• decimals

• percentages

• money

Question #18

I = P x R x T

$568.32 = $888 x 8% x 8 years

What is the future value?

A. $568.32

B. $319.68

C. $1456.32

D. $888.00

• A

• B

• C

• D

Write the percent as a decimal.

4.3%

• 4.3

• 0.43

• 0.043

• 4300

Write 4.3% as a decimal.

• 4.3

• .43

• 0.043

• 4300