Simple Interest Finding Rate

Which is the correct formula for finding simple interest?

• I=prt

• I=mpy

• S=prt

• S=mpy

What is the correct equation for: Find the interest on $100,000 at an interest rate of 4.2% for one year.

• X = 0.042(100,000)

• X = 0.42(100,000)

• X = 4.2(100,000)

• 100,000 = 0.042x

What simple interest would you pay in one year for $14,000 at 13.5%. Which proportion would find the interest?

• I have no idea.

Jack deposited $1,400 in his bank account.  After 3 years, the account earned $294 in interest.  Find the simple interest rate.

• 5%

• 8%

• 7.25%

• 7%

• 5%

• 10%

• 20%

• 15%

• 3%

• 6%

• 9%

• 12%

What was the annual interest rate the account earns?

• 2.5%

• 5%

• 7.5%

• 10%

• $146.00

• $151.20

• $5.60

• $11.20

Which type of interest is only calculated on the original principal?

• Simple

• Compound

• Fixed

• Variable