Calculate Interest

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

• $800

• $1,000

• $1,200

• $1,500

Alexton the Skeleton borrowed $4,000 for 5 years at 6% simple interest rate to pay for his band equipment. How much interest is that?

• $800

• $1,000

• $1,200

• $1,500

Mr. Pham has $410,000 in a retirement account that earns 3.85% simple interest each year. Determine the amount earned each year by this investment.

• $15,785

• $157,850

• $425,785

Pennywise puts $300 in a bank account earning 4% interest. How much will he earn in interest in 1 year?

• 4

• 8

• 12

• 16

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

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

• It

• Interest

• the Headless Iron Man

• Ignoramus

Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.

• 14

• 140

• 168

• 16.80

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest would he owe at the end of that time?

• $800

• $1,000

• $1,200

• $1,500

Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back TOTAL (principal AND interest combined) in 2 years?

• $150

• $192

• $1350

• $1392