Simple Interest Assignment

Jane received $875 from her graduation party. She put the money in a bank with a 4% simple interest rate. How much interest will she have earned after 7 years?

• $205

• $225

• $245

• $2,250

• $2,450

Ethan borrowed $2,190 for a new dirt bike. He will pay the money back in 3 years with a simple interest rate of 2.5%. How much interest will he pay?

• $164.25

• $172.75

• $1,642.50

• $1,727.50

• $ 2,354.25

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

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

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

City Bank offers a 4.75% simple interest rate, while First National offers 3.9%. If Tom wants to set up a new account with $500, how much more money will he earn in interest at City Bank over First National after 12 years?

• $45

• $48

• $51

• $55

• $59

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

Scott took out a 72 month loan for $35,000 to purchase a new boat. If Scott paid $8,925 in simple interest, what was the interest rate?

• 3.5%

• 4.25%

• 4.5%

• 4.75%

• 5.1%

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

• Principle
• Interest
• Time, in hours
• Time, in years

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

• Principal
• Interest
• Rate
• Time