simple interest

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

• $7.50
• $26.25
• $87.5
• $262.50

Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% simple interest, how much will she have in total in her account at the end of 10 years?

• $8700

• $38,700

• $870

• $3,870

Jonah earned $150.36 in interest on an account that earns 1.4% simple interest. If Jonah opened the account 12 years ago, what was the principal amount?

• $850

• $868

• $880

• $895

• $902

Write the percent as a decimal. 
3.25%

• .0325
• .325
• 3250
• 32.5

The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.

• fraction
• decimal
• ratio
• dollar amount

Miles is buying a new computer for $1,150. He is considering two credit options. Option A offers a 3 year loan with a 10% simple interest rate while Option B offers a 5 year loan with a 6.5% simple interest rate. Which is the better option and how much will he save?

• A; $28.75

• A; $32.50

• B; $28.75

• B; $32.50

What does the "I" in the interest formula stand for?

• Principal
• Interest
• Rate
• Time

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

• $800
• $1,000
• $1,200
• $1,500

Emily’s parents put $1500 in her bank account for college tuition at a simple interest rate of 8.25%. What will be the balance after 18 years?

• $22,275

• $2227.50

• $12,375

• $3727.50

Colton took out a loan from the bank to purchase a car. If he borrowed $17,240 at a simple interest rate of 8.25%, how much total will he have paid after 5 years?

• $ 6894.25

• $ 7111.50

• $ 21, 548.90

• $ 22,890.75

• $ 24,351.50