Simple Interest_Essential Math

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

• $7.50
• $26.25
• $87.5
• $262.50

If you are calculating the simple interest and you are given the time in months, how can you find the time in years?

• Add 12 to the months
• divide the months by 12
• multiply 12 times the months
• You cannot change it to months.

How do you calculate the balance in an account, with interest?

• Subtract the interest from the principle amount
• Multiply the principle, rate and time
• Add the interest to the principle amount
• Add the principle amount and the time

Christian opened a savings account with $3250. His account will earn 5.2% simple interest. How much money will be in his account after 6 years?

• $4,264.00
• $1,104.00
• $1,100.00
• $4,400.00

Philip has $300,000 in his retirement account, which earns 2.89% interest per year. How much money will he have in his account after 39 months? 

• $28,1775.00
• $328,177.50
• $338,130.00
• $638,130.00

Susan paid $3,000 in interest on a 60 month loan of $32,000. What was the interest rate on this loan? 

• 187.5%
• 18.75%
• 1.875%
• 0.01875%

John invested $10,000 in a savings account with an annual interest rate of 2%. How much interest will he earn after 5 years?

• $500

• $1000

• $1500

• $2000

A loan of $5000 is taken for a period of 2 years. If the interest paid at the end of 2 years is $200, what is the rate of interest?

• 2%

• 4%

• 6%

• 8%

John has $200,000 in his savings account, which earns 1.5% interest per year. How much money will he have in his account after 24 months? 

• $203,000.00

• $206,000.00

• $300,000.00

• $400,000.00

Let's dive into the world of finance! You know, the simple interest formula is I=Prt. Here, the 'P' stands for the principle. Can you guess what the principle is in this context?

• 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