Calculate Interest Rate

Calculate the interest earned on a $4,500 savings account that earns 2.5% simple interest over three years.

• $338.00

• $33.80

• $33.75

• $337.50

Determine the simple interest earned:  p= $2000  r= 4.6%  t= 4 years

• $2370.00

• $348.00

• $2368.00

• $368.00

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

• $7.50

• $26.25

• $87.5

• $262.50

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

• $800

• $1,000

• $1,200

• $1,500

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

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

You borrow $5000 from a friend and promise to pay back $6800 in three years. What simple interest rate will you pay? Write your answer as a percent.

The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.

• fraction

• decimal

• ratio

• dollar amount

Allison was left an inheritance from her Aunt Lisa. She can not touch the money until she is 21 years old, Allison is now 12 years old and inherited $50,000 that was put into an account with 2% interest. How much interest will Allison have earned at her 21st birthday?

• $900

• $100,000

• $9,000