Mastering Simple Interest: Time and Rate Challenges

If you invest $500 at an interest rate of 4% per year, how much interest will you earn in 3 years?

• $80

• $100

• $40

• $60

A bank offers a savings account with a 5% interest rate. If you deposit $1,000, how much interest will you have after 2 years?

• $50

• $200

• $100

• $150

You borrowed $800 from a friend at a 6% interest rate. How much interest will you owe after 1 year?

• $48

• $60

• $80

• $24

If you want to earn $120 in interest from an investment of $1,200 at a 10% interest rate, how long will you need to keep the money invested?

• 6 months

• 1 year

• 3 years

• 2 years

A car dealership offers financing at a 7% interest rate. If you finance $15,000 for 4 years, how much interest will you pay?

• $2,100

• $5,000

• $3,600

• $4,200

You have $2,500 to invest at an interest rate of 3% per year. How much interest will you earn in 5 years?

• $375

• $150

• $250

• $500

If you want to save $300 in interest by investing $2,000 at a 5% interest rate, how long will you need to keep the money in the account?

• 2 years

• 4 years

• 5 years

• 3 years

A student takes a loan of $1,500 at an interest rate of 8% per year. How much interest will the student owe after 6 months?

• $30

• $120

• $90

• $60

If you invest $1,000 at a 9% interest rate, how much total money will you have after 2 years, including the interest?

• $1,188.10

• $1,200.00

• $1,500.00

• $1,100.00

You plan to save $1,200 for a vacation. If you find a savings account with a 4% interest rate, how much interest will you earn in 1 year?

• $48

• $24

• $100

• $60