1/9 Partner Practice - Interest

Jake opened a savings account that earns 1.5% interest. Jake estimates that, assuming he neither adds to or withdraws from his account, he will earn $240 in interest after 10 years. How much did Jake deposit when he opened the account?

Edward deposited $6,000 into a savings account 4 years ago. The simple interest rate is 3%. How much money did Edward earn in interest?

The interest on $2,000 for 2 years is $320. What is the simple interest rate?

Suppose you deposited $100 in a savings account 4 years ago with a simple interest rate of 2.2%. The interest that you earned in those 4 years is $8.80. Which of the following is true? Select all that apply.

• The interest rate is 0.022.

• The principal was $100.

• The interest earned is $4.

• The account was opened 8 years and 8 months ago.

A certificate of deposit with principal $150 earns 4% annual interest for 2 years. Select the TWO options that would earn the same amount of interest.

• $300 at 2% for 2 years

• $150 at 6% for 18 months

• $400 at 3% for 1 year

• $100 at 1% for 8 years

• $50 at 48% for 6 months

I=Prt

What is the Interest Earned (I) when the Principal (P) is $100, the Interest Rate (r) is 5%, and the Time in years (t) is 3?

I = Prt

What is the Time in years (t) when the Principal (P) is $500, the Interest Rate (r) is 4%, and the Interest Earned (I) is $20?

I = Prt

What is the Principal (P) when the Interest Rate (r) is 10%, the Time in years (t) is 7, and the Interest Earned (I) is $35?

I = Prt

What is the Interest Rate (r) when the Principal (P) is $200, the Time in years (t) is 2, and the Interest Earned (I) is $6?