Interest Percent

A bank account with $800 earns simple interest at the rate of 4.5% each year. The interest is paid at the end of every month. How much interest will the account earn after 4 months? Identify the correct equation.

• I= (800)(.045) (4/12)

• I= (800) (.045) (4)

• I= (800) (4.5) (4)

• I= (800) (4.5) (4/12)

A bank account with $800 earns simple interest at the rate of 4.5% each year. The interest is paid at the end of every month. How much interest will the account earn after 4 months? Solve.

• 1,200

• 12

• 144

• 14,400

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?

• $7,111.50

• $71,115

• $24,351.50

• $10,128.50

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?

• $89.50

• $25.20

• $150.36

• $895

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?

• .35%

• 4.25%

• .0425%

• .0035%

A bank account with $800 earns simple interest at the rate of 4.5% each year. The interest is paid at the end of every month. How much interest will the account earn after 4 months? Identify the time.

• 4 years

• 4/12 years

• 3/4 years

The number of people signed up for a bus trip increased from 32 to 45. What is the percent increase? Round to the nearest percent.

• 52%

• 41%

• 42%

• 45%

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

• $7.50

• $26.25

• $87.5

• $262.50

Sam borrowed $4,500 for 2 years and had to pay $630 simple interest at the end of that time. What rate of interest did he pay?

• 6%

• 7%

• 8%

• 9%

You lend $240 to your friend.  He pays you back $270.  What interest rate did you charge your friend?

• 88%

• 20%

• 12.5%

• 10%