Simple Interest Solving for I

If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?

• divide 12 by the months

• divide the months by 12

• multiply 12 times the months

• change the months to a decimal

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

• $7.50

• $26.25

• $87.5

• $262.50

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

• 4

• 8

• 12

• 16

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

• 14

• 140

• 168

• 16.80

Javon has a credit card with a $1,583 balance. His interest rate is 8.8%. If he does not pay for 3 years, how much interest does he owe?

• $4,179

• $417.91

• $133,930

• $41,791

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

• $160

• $800

• $80,000

• $16

Find the simple interest paid on a loan of $750 with an 18% rate over 2 years.

• $135

• $13,500

• $270

• $27,000

Find the simple interest paid on a loan of $4,750 at a rate of 19.5% for 30 months.

• $5

• $2315.63

• $27,787.50

• $926.25

Find the simple interest paid on a deposit of $225 at a rate of 1.5% over 2 years.

• $6.75

• $3.375

• $2,278.13

• $6,750

Find the simple interest earned when the principal is $500 at a rate of 10% held in the bank for 8 months.

• $33.50

• $40,000

• $50

• $400