Simple Interest

#1

100

What is the formula for simple interest?

I=Prt

200

An initial deposit of 5,000.00 dollars is made into a savings account that yields 7.1% interest annually. How much is in the account at the end of 5 years?

1775

300

To buy a laptop computer, Elaine borrowed $2,000 for 3 years at an annual simple interest rate of 5%. How much interest will she pay if she pays the entire loan off at the end of the third year?

300

400

If Evan bought a car for $2,000 and paid 9% interest for 4 years. How much interest would she pay? 

$720

500

Pat can get a student loan of $10,000 for 10 years at an interest rate of 7%. How much interest will she pay?

7,000

#2

100

Mary has earned $250 in interest on her checking account after one year. She received an interest rate of 5%. How much was the principle she put in the account? 

$5,000

200

A bank offering 2.5% simple interest on a savings account. If you deposit 5,000 dollars. What is her total in the account after the first year? 

$5,125

300

Gina annually deposits $150 into a college savings account. The account earns 4% interest annually. What is her total after the second year? 

$318.24

400

Calculate Gina's 3rd year total after she adds another $150 to the college savings account.

$486.97

500

Calculate Gina's 4th year total after she adds another $150 to the college savings account.

$662.45

#3

100

Matilda invested $5,000 for 5 years. She earned $1875 in interest. What was her rate? 

7.5%

200

If you borrowed 675 dollars for six years and paid $405 in simple interest, what was the rate?

10%

300

Thomas loaned Brian $3,400 at a simple interest rate of 12%. If he had to pay $326.40 in interest, how long did it take Brian to pay back the money?

8 years 

400

Kindle took out a loan for $20,000 to buy a car at a simple interest rate of 3.1%. If she paid a total of $23,100, how many years did she take to pay off the loan? 

5 years

500

Sophia borrowed 7,000 dollars from her best friend at a simple interest rate of 4.6%. If she paid her a total of $8,288, how long did it take Sophia to pay back her friend? 

4 years

#4

100

Aaron received $840 in interest after putting his savings into an account for 7 years at 6%. How much did he put into the account?

$2,000

200

How much money would you have to invest to earn 131.60 dollars in interest at simple interest rate of 4% for seven years?

$470

300

Asia put $400 into an account for 8 months. If she was earning 5.5%, how much interest did her account earn? 

$14.67

400

Aaron earned $8,000 in interest for leaving a sum of money in an account for 20 years, earning 4%. What was the principal he put into the account?

$10,000

500

John took out a student loan at an interest rate of 5.5% over 10 years. John paid $16,500 in interest. How much did John take out for the loan? 

$30,000