Simple Interest

Question #1

If you wish to 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?

A. 0.00617

B. 0.0617

C. 0.617

D. 6.17

• A

• B

• C

• D

Tags

CCSS.6.EE.B.6

Question #2

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?

A. 2.64%

B.3.04%

C. 3.72%

D. 4.51%

• A

• B

• C

• D

Tags

CCSS.6.EE.B.7

Question #3

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?

A. $213

B. $1,030

C. $1,272

D. $3,166

• A

• B

• C

• D

Tags

CCSS.7.RP.A.3

Question #4

If you invest $8,600 at a 3.95% simple annual interest rate, approximately how long will it take for you to earn a total of $21,000 in interest?

A. 25 years

B. 36 years

C. 45 years

D. 61 years

• A

• B

• C

• D

Tags

CCSS.6.EE.B.7

Question #5

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

A. Rate: the interest percentage you will pay on a loan

B. Ratio: the size of the interest interval compared to time

C. Return: how much money you end up earning

D. Reserves: how much money you have in the investment

• A

• B

• C

• D

Tags

CCSS.7.RP.A.3

Question #6

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?

A. $1,806

B. $2,282

C. $3138

D. $3945

• A

• B

• C

• D

Tags

CCSS.6.EE.B.7

Question #7

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

A. $222.75

B. $2,227.53

C. $1,392.20

D. $13,922.05

• A

• B

• C

• D

Tags

CCSS.7.RP.A.3

Question #8

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

• A

• B

• C

• D

Tags

CCSS.7.RP.A.3

Question #9

Nate has an account that pays 2.76% simple interest per year and wants to accumulate $3,090 in interest from it over the next 15 years. How much money should Nate invest in this account to meet this goal?

A. $1,279.26

B. $4,369.26

C. $4,373.77

D. $7,463.77

• A

• B

• C

• D

Tags

CCSS.7.RP.A.3

Question #10

Trevor has paid $6,774.50 in interest on an loan. He borrowed the money 22 years ago. Given that the rate of the loan is 2.7% simple interest annually, how much money did Trevor borrow originally (the principal amount)?

A. $2,524.50

B. $4,024.03

C. $4,250.00

D. $11,404.88

• A

• B

• C

• D

Tags

CCSS.6.EE.B.7