Simple Interest

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?

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?

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?

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?

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?

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?

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?

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?

Abby earned $600 this past summer babysitting. She decided to put this money in a bank that earns a 5% simple interest rate. How many years will it take to double her initial deposit?

Miles is buying a new computer for $1,150. He is considering two credit options. Option A offers a 3 year loan with a 10% simple interest rate while Option B offers a 5 year loan with a 6.5% simple interest rate. Which is the better option and how much will he save?