Simple Interest

Front

Calculate the amount of interest earned on an investment with a rate of 6.17%. What number will you plug into your equation for the rate? Options: 0.00617, 0.0617, 0.617, 6.17

Back

0.0617

Front

Arthur has $19,500 to invest, and wishes to gain $8,000 in interest over eleven years. Approximately what is the minimum simple interest rate that Arthur needs to achieve his goal?

Back

3.72%

Front

Nicole deposits $2,136 in a savings account paying 5.36% interest. To the nearest dollar, how much interest does Nicole have in total after nine years?

Back

$1,030

Front

If you invest $8,600 at a 3.95% simple annual interest rate, how long to earn $21,000 in interest?

Back

61 years

Front

In the formula I=P·R·T, what does R stand for in a loan?

Back

Rate: the interest percentage you will pay on a loan

Front

Iris has earned $813 in interest on her investment. She made her only deposit in it seven years ago. Given that the investment yields 3.7% simple interest annually, how big was the initial deposit?

Back

$3138

Front

Ike invests $7,660 in an account paying 7.27% simple interest annually. How much interest has Ike gained after four years?

Back

$2,227.53

Front

Which of the following investments will earn the smallest amount of interest? A. $8,030, invested for 2 years at 2.0% interest B. $1,901, invested for 8 years at 4.0% interest C. $5,330, invested for 6 years at 2.0% interest D. $3,970, invested for 6 years at 4.0% interest

Back

A. $8,030, invested for 2 years at 2.0% interest

Front

Nate wants to accumulate $3,090 in interest over 15 years at 2.76% simple interest per year. How much should he invest?

Back

$7,463.77

Front

Trevor paid $6,774.50 in interest on a loan borrowed 22 years ago at 2.7% simple interest annually. How much was the original principal?

Back

$11,404.88