Simple Interest Question Preview (ID: 59179)


Practicing Simple Interest. TEACHERS: click here for quick copy question ID numbers.

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% in simple interest. What will be his balance after 15 years?
a) $745.75
b) $2707.50
c) $846.80
d) $270.75

Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase. The bank said that she could get a simple interest rate of 8% for 5 years. What is the total amount that Beyonce will pay for the chair?
a) $2600
b) $9100
c) $910
d) $260

You invest $500 at 4% rate and receive $60 in simple interest. How many years was it invested for?
a) 1 year
b) 2 years
c) 3 years
d) 4 years

How much simple interest would be earned on a savings account of $4,500 at 5.5% interest per year after 24 months?
a) $594000
b) $495
c) $49500
d) $5940

Maria borrowed $3,000 at a simple interest rate of 4% per year. How much did she have to repay after 4 years?
a) $480
b) $3480
c) $4800
d) $7800

Rachel invested $2,700 in a savings account earning 7% simple interest. If she invests for 2 years, how much money will she have in total?
a) $3078
b) $378
c) $40500
d) $4536

Ann puts $300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?
a) $4
b) $8
c) $12
d) $16

The simple interest formula is I=Prt. What does the t represent?
a) Principal
b) Interest
c) Time, in hours
d) Time, in years

Dan borrowed $2,000 for 6 MONTHS at 12% annual simple interest rate. How much interest is that?
a) $120
b) $144
c) $1200
d) $1440

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?
a) 6%
b) 7%
c) 8%
d) 9%

Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?
a) $150
b) $192
c) $1350
d) $1392

Given Principal = $500, Interest rate =5%, and Time = 5 years. What is the interest earned?
a) $95
b) $105
c) $125
d) $135

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