Simple Interest Solve for Rate

When Loofa was born, her parents put $8,000 into a college fund account that earned 9% simple interest. Find the amount of interest earned after 18 years.

• $720

• $20,960

• $1,080

• $12,960

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% simple interest. If she spent $7400 on furniture, how much will she have paid in total after 8 years?

• $5624

• $13,024

• $56,240

• $1302.40

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

• Important

• Interest

• Internet

• Igloo

After 12 years, a deposit of $10,000 into your college account has earned $6,000 in interest payments. What simple interest rate did the account earn?

• 50%

• 5%

• 500%

• 7.5%

Kermit took out a 4 year loan for $5,500. He had to pay a total of $1,870 in interest payments. What rate did he pay for his loan?

• 85%

• 5.5%

• 8.5%

• 14%

How much interest would you earn if you deposited $575 for 3 months at 2.88% simple interest?

• $4.14

• $4,968

• About $400

• $1,725

Find the simple interest paid on a loan of $1,500 at a rate of 19% 15 months.

• $356.25

• $427,500

• $4,275

• $285

What is the formula for simple interest?

• A=P(1+r)^t

• I=Prt

• I=P(1+r)t

• A=Prt

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

• 4

• 8

• 12

• 16

Find the simple interest:
Principal: $6,000
Interest Rate: 5%
Time: 6 months

• $150

• $1,800

• $1,500

• $15,000