simple interest 1
What is the formula for simple interest?
I=prt
What does P stand for in the simple interest formula?
Principal/initial amount invested
What does r stand for in the simple interest formula?
Interest rate
What does t stand for in the simple interest formula?
Time in years
Are there 4 weeks in a month?
No
An initial deposit of 5,000.00 dollars is made into a savings account pays 7.1% interest annually. How much is in the account at the end of 5 years?
$6775
Calculate the simple interest for the following information.
P = $5,000
r = 5%
t = 5
1250
If you borrowed 675 dollars for six years at a simple interest at 10%, how much interest will you pay?
405
Calculate the simple interest:
Principal $400 time 4 years rate 6.5%
104
True or False: When trying to find interest, you must multiply and then divide.
False
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
Gina deposits 150 dollars at the start of the year into college savings account that pays 4% simple interest. How much total interest will Gina earn on her deposits through the end of the fifth year?
30
Debbie borrows 1,000,000 dollars for a real estate development at a rate of 7.5%. What is her total interest payment over the three-year period?
225,000
Calculate the simple interest for the following information.
P = $5,400
r = 6%
t = 9 months
243
How many weeks are in a year?
52
What is the simple interest made on a deposit of $2000 at a rate of 3.5% in 5 years?
350
Calculate the simple interest for the following information.
P = $900
r = 3%
t = 10
270
Calculate the simple interest for the following information.
P = $20,000
r = 5%
t = 5
5000
Calculate the simple interest for the following information.
P = $2300
r = 6%
t = 6 months
69
True or False: When using the simple interest formula, time is always represented by hours.
True
After 2 years, a person has earned $160 in simple interest from a loan they took. If the interest rate is 4% per year, what was the principal amount borrowed?
$2000
A car loan has a principal amount of $15,000 at a simple interest rate of 7% per year. How long will it take to pay off the loan if the total interest paid is $2,625?
2.5 years
A teacher receives a grant of $2,500 with a simple interest rate of 3.5% per year. If the teacher wants to earn $175 in interest, how long should the grant be left to accumulate interest?
2 years
A business takes out a loan of $5,000 and pays $750 in simple interest over 3 years. What is the annual simple interest rate for this loan?
5%
If Lizzie wants to earn 500 in interest over 10 years, how much money would she need to put into the savings account with a 2% rate.
2500