Exit Ticket 10/10 Simple Interest (G7 M2 T1 L2 D2)

Alice deposited $2,000 in a saving account at the interest rate 4% per year. How much simple interest will she earn in 5 years?

• A. $800

• B. $1,000

• C. $450

• $400

Principal (P) = 1500, Rate (r) = 7%, Time (t) = 8 years. Calculate the Interest.

• A. $840

• B. $1200

• C. $2,340

• D. $660

Kim wants to purchase a boat that costs $15,000. She deposits $5,000 in a savings account earning 3% simple interest. How much additional money will Kim have for her boat purchase after 2.5 years?

• $37,500

• $32,500

• $5,375

• $375

The Jones family financed a computer that costs $1,200. If the interest rate is 19%, how much will the family owe after one month if no payments are made?

Tabitha begins saving for college tuition. She invests $1,000 in an account that pays 2.5% simple interest. How many years before his account has reached $1,500?

• 20 years

• 25 years

• 50 years

• 2.5