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 n stand for in the simple interest formula?
Number of time periods
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
If you have a subscription that is billed monthly, how would you determine the total cost for one year?
Multiply by 12
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 at the end of each year. She does not deposit the interest she earns each year. 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 real estate development and makes annual interest only payment for three years at a rate of 7.5% per year. 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 = 5 months
135
How many weeks 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
How many fortnights in a year?
26
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?
3264
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%
How do you calculate taxable income from their gross income and taxable deductions?
Gross income - taxable deductions