Simple Interest Solve for Rate

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

• $7.50

• $26.25

• $87.5

• $262.50

The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  

• the amount of money borrowed or deposited

• the percent interest for his year

• the amount taxed

• the amount the bank owes you for being a customer at their bank

Anna invested $2,500 at an annual rate of 5%.  How long will it take until Anna earns $1,125 in interest?

• 5 years

• 8 years

• 10 years

• 9 years

If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?

• divide 12 by the months

• divide the months by 12

• multiply 12 times the months

• change the months to a decimal

Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?

• 6%

• 6%

• 8%

• 9%

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

• $160

• $800

• $80,000

• $16

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

• $33.50

• $40,000

• $50

• $400

Find the simple interest paid on a loan of $4,750 at a rate of 19.5% for 30 months.

• $5

• $2315.63

• $27,787.50

• $926.25

Find the simple interest paid on a loan of $750 with an 18% rate over 2 years.

• $135

• $13,500

• $270

• $27,000

Find the simple interest paid on a deposit of $225 at a rate of 1.5% over 2 years.

• $6.75

• $3.375

• $2,278.13

• $6,750