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WorksheetsEXERCISE 1 CH 3
Total questions: 25
Worksheet time: 1hrs 5mins
The simple interest formula is I=Prt. The P represents the principal. The principal is ___________________.
the amount of money
the percent interest for his year
the rate
the percent proportion
Alexton the Skeleton borrowed $4,000 for 5 years at 6% simple interest rate to pay for his band equipment. How much interest is that?
$800
$1,000
$1,200
$1,500
Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?
$150
$192
$1350
$1392
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. What will the value of Jerry's account be after 5 years?
$520,000
$120,000
$5,200
$1,200
Pennywise puts $300 in a bank account earning 4% interest. How much will he earn in interest in 1 year?
4
8
12
16
Mr. Pham has $410,000 in a retirement account that earns 3.85% simple interest each year. Determine the amount earned each year by this investment.
$15,785
$157,850
$425,785
Interest Rate = 3.5%
Time = 2 years
Find the interest earned.
9/12 = x/100
Cross multiply and divide
Interest earned in 4 years = $60.
Find the interest rate.
Write the percent as a decimal.
4.3%
4.3
.43
.043
4300
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
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
Tyron Shipp borrows $800 from the local bank, at an annual rate of 6.85%. The loan period is 37 weeks. How much money will he have to pay back at the end of the loan?
$894.64
$864.52
$848.27
$838.99
