SIMPLE INTEREST

Michael borrowed $200 from his parents to buy a PS5. He will pay them back in two years with 4% simple interest. How much will Michael pay in interest?

Mathematical Equivalence

ON

Find the interest

p= $34,100

r = 4%

t = 3 years

• 4092

• 40920

• 4324

• 3254

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

• $480

• $3,480
• $4,800
• $780

Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?

• 95
• 105
• 125
• 135

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

• $7.50
• $26.25
• $87.5
• $262.50

Marcus plans to deposit $20,000 into a savings account.

Bedford Bank offers a rate of 4% simple interest for five years. How much interest is earned?

• $2460

• $4000

• $5204

• $4094

Mark took out a loan for $25,690 to purchase a new truck at a simple interest rate of 5.2%. How much interest will he pay on his truck after 5 years?

• $6,679.40

• $32,369.40

• $66,794

• $679.40

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

John invested $15,000 in a fixed deposit account at a simple interest rate of 3.5% per annum. How much interest will he earn after 6 years?

• $3,150

• $2,100

• $2,500

• $3,600

Alice borrowed $8,500 at a simple interest rate of 6% per year. What is the total amount she needs to repay after 3 years?

• $10,000

• $9,010

• $10,530

• $9,530