Mark is comparing loan options to buy a new car. He will be borrowing $20,000. Which loan will cost him the least amount of money?

4.75% simple interest for 3.5 years

4.5% simple interest for 4 years.

3.5% simple interest for 5 years

4% simple interest for 4.5 years

Moe and Ray need to take a loan out for $2,500 to repair their van. They can borrow from Bank A at a simple interest rate of 5.25% for 2 years or from Bank B at a simple interest rate of 6.5% for 1.5 years. Which bank is the better deal and how much money will they save?

Bank B is the better deal. They will save $18.75

Bank A is the better deal. They will save $18.75

Bank A is the better deal. They will save $187.50

Bank B is the better deal. They will save $187.50

Simple Interest

Authored by Sean Sisson

Mathematics

8th Grade

CCSS covered

Used 1K+ times

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12 questions

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

Maria borrowed $3,000 at a simple interest rate of 4% per year. How much did she have to repay after 4 years?

$480

$3,480

$4,800

$7,800

Tags

CCSS.7.RP.A.3

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Calculate the interest earned on a $4,500 savings account that earns 2.5% simple interest over three years.

$338.00

$33.80

$33.75

$337.50

Tags

CCSS.HSF.BF.A.2

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Determine the simple interest earned: p= $2000 r= 4.6% t= 4 years

$2370.00

$348.00

$2368.00

$368.00

Tags

CCSS.7.RP.A.3

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Christian opened a savings account with $3250. His account will earn 5.2% simple interest. How much money will be in his account after 6 years?

$4,264.00

$1,104.00

$1,100.00

$4,400.00

Tags

CCSS.7.RP.A.3

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What is the ending balance of an account with $42,000 and earns simple interest at a rate of 3% for 5 years?

$6,300.00

$46,300.00

$48,300.00

$6,342.00

Tags

CCSS.HSF.BF.A.2

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Sofia deposited $1,700 into a savings account that accumulates 1.8% interest. If she keeps the money in the account for 7 years, how much money will be in the account?

$214.20

$1,914.20

$21,420.00

$23,120.00

Tags

CCSS.7.RP.A.3

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Sarah has $45,000 in student loans. if there is a 6% interest rate, how much will she pay back in interest over 10 years?

$27,000

$72,000

$270,000

$315,000

Tags

CCSS.HSF.BF.A.2

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Simple Interest

Maria borrowed $3,000 at a simple interest rate of 4% per year. How much did she have to repay after 4 years?

Calculate the interest earned on a $4,500 savings account that earns 2.5% simple interest over three years.

Determine the simple interest earned: p= $2000 r= 4.6% t= 4 years

Christian opened a savings account with $3250. His account will earn 5.2% simple interest. How much money will be in his account after 6 years?

What is the ending balance of an account with $42,000 and earns simple interest at a rate of 3% for 5 years?

Sofia deposited $1,700 into a savings account that accumulates 1.8% interest. If she keeps the money in the account for 7 years, how much money will be in the account?

Sarah has $45,000 in student loans. if there is a 6% interest rate, how much will she pay back in interest over 10 years?

Find the simple interest earned when the principal is $500 at a rate of 10% held in the bank for 8 months.

Mark is comparing loan options to buy a new car. He will be borrowing $20,000. Which loan will cost him the least amount of money?

What is the best loan option if you need to borrow $1,000?

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