Name the simple interest formula and state what each variable stands for.
What is I = prt I = interest p = principal r = % as a decimal t = time in years
If you invest $1200 in an account that pays 13.2% simple interest, what is the balance of the account after 4 years?
What is $633.60
You invest $5,000 in a bank for 2 years at a 3% interest rate. What is the interest you have earned after this time?
What is $300
Use the percent proportion A store paid $75.29 for a couch. To make a profit, the store charged 270% of the cost. What is the price tag the store puts on the couch?
What is $203.28
Mrs. Payne has $20,000 to invest. She wants to earn $10,000 in interest. She is considering a savings and loans bank that is offering her 5.6% interest per year. For how long will she have to leave her money in the bank in order to reach her goal of $10,000?
The answer is 8.93.
An investor places $15,000 in a savings account that pays 4.5% interest. She will leave the money there for 6 years. What will her interest be?
The answer is 4050.