Calculate Interest

Your credit card balance is $1000 and you are paying 27.99% interest. How much interest did you pay TODAY?

Your credit card balance is $2000 and you are paying 23.99% interest. How much interest did you pay TODAY?

Your credit card balance is $2000 and you are paying 17.99% interest. How much interest did you pay TODAY?

Your credit card balance is $2000 and you are paying 19.99% interest. How much interest did you pay TODAY?

I = PRT is the formula for _____________________

• Calculation of distance

• Area of a parallelogram

• Calculation of simple interest

• Conversion of Fahrenheit to Centigrade

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

What was the annual interest rate the account earns?

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

• F

• G

• H

• J

Suppose you borrowed $3000 at a 9% interest rate for 4 years. If the loan involves simple interest, how much money did you have to pay back?

Which formula should I use? ​ (a)  

The question is asking me to find the ​ (b)  

• i=prt

• a=p(1+r)^t

• interest

• the total amount in the account