Simple Interest Test

Emily borrowed $9,000 for 6 months at 10% annual simple interest rate. How much interest is that?

• $450

• $5400

• $45,000

• $450,000

The simple interest formula is I=Prt.  What does the t represent?

• Principle
• Interest
• Time
• Percent Rate

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

• $7.50
• $26.25
• $87.5
• $262.50

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

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

• 6%
• 6%
• 8%
• 9%

Lexi used her Mastercard with a simple interest rate of 5.6% to purchase a Macbook Air from Apple. If Lexi wants to pay off the $1200 Macbook in 2.5 years, what will be the total amount she pays?

• 1375.12

• 175.12

• 1368

• 168

Doss places a new swing and slide set on his Home Depot credit card that has a simple interest rate of 8%. How much will Doss pay in interest for a $700 swing set if it takes him 2 years to pay off?

• 812

• 112

• 816.48

• 116.48

What is the rate in the following situation?

Timothy takes out a loan of $30,000 to pay for college. He has to pay the loan back in the next 8 years at an interest rate of 7%.

• $30,000

• 7%

• 8 years

• $16,800

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% in simple interest. What will be his balance after 15 years?

• $270.75

• $2,707.50

• $745.75

• $846.80

Principal = $800

Interest Rate = 3.5%

Time = 6 months

Find the interest earned.

• $168

• $814

• $14

• $52.50