Simple Interest Check Up

Calculate the interest. I = PRT,

Principal = $1000,

Rate = 6%,

Time = 2 years

• $100

• $120

• $180

• 1200

Veronica took out a 48 month loan of $5,500 to make some home improvements. At a simple interest rate of 3.25%, how much total will she pay?

• $ 6,740.25

• $ 6,215.00

• $ 6,393.75

• $ 6,575.50

• $ 6,036.25

Write the percent as a decimal. 
4.3%

• 4.3
• .43
• .043
• 4300

Javon has a credit card with a $1,583 balance. His interest rate is 8.8%. If he does not pay for 3 years, how much interest does he owe?

• $4,179
• $417.91
• $133,930
• $41,791

Write the percent as a decimal. 
5%

• 5
• .5
• .05
• 500

Tina invested $2,000 in a simple interest account and earned 8% rate for 5 years. What is the interest that she earned on the account?

• $160

• $800

• $80,000

• $16

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

• $800
• $1,000
• $1,200
• $1,500

The simple interest formula is I=Prt.  The P represents the principal.  The principal is ___________________.  

• the amount of money borrowed or deposited

• the percent interest for his year

• the amount taxed

• the amount the bank owes you for being a customer at their bank

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

Stefan borrowed $8,950 for an engagement ring. At a 6.85% simple interest rate, how much total will he have paid after 6 years?

• $ 3,378.45

• $ 37,784.50

• $ 12,504.25

• $ 12,595.80

• $ 12, 628.45