Percent Problems and Simple Interest

A bank is offering a savings account that earns 1.5% interest every year. If you deposit $500 =, how much total money would you have after 3 years?

• $2250

• $225

• $22.50

• $522.50

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

Elena deposits $1,500 in a savings account that earns 3.0% simple interest per year. If no deposits or withdrawals are made during the year, how much money will be in her account after one year?

• $1,530

• $1,545

• $1,800

• $1,950

Miss Sylvie miscounted and thought she saw 33 children on the bus. When she counted again, she realizes there are actually only 30 students on the bus. What is her percent error?

• 10%

• 9%

• 90%

• 91%

Linda started a savings account for her nephew with $3,000. The account earned 5% simple interest. How much interest did the account accumulate in 4 months?

• $50.00

• $600.00

• $60,000.00

• $4999.95

Mark took out a loan for $2,450.00 at 7% simple interest for 2 years. How much interest did he pay on the loan?

• $343

• $34,300

• $28.58

• $2,858.33

It costs a florist $14.50 to grow a dozen roses. She sells a bouquet of a dozen roses for $24.99. What is the markup (percent increase) to the nearest percent?

• 72%

• 42%

• 172%

• 58%

The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.

• fraction

• decimal

• ratio

• dollar amount

Jay borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total after 2 years?

• $192

• $1350

• $1392

• $150

Jennifer has a coupon for 25% off her entire meal of $17.89. What is the discount?

• $13.42

• $4.47

• $4.48

• $0.44