# Chapter 2 Lesson 8 Simple Interest Review

7 Questions | Total Attempts: 79

Settings

• 1.
P = \$7500T = 4 yearsR = 2%Find the interest amount.
• A.

\$900

• B.

\$600

• C.

\$950

• D.

\$850

• 2.
You open a savings account with \$26,700 with an interest rate of 3.5%. You save your money for 4.5 years. How much interest did you earn in the account?
• A.

\$42052.50

• B.

\$26700

• C.

\$30905.25

• D.

\$4205.25

• 3.
On a credit card you charged \$7600. The bill comes in the mail but you do not have the money to pay for it. It takes you 3 years to pay if off and after the 3 years you pay an additional \$912 in simple interest. What rate did the credit card company charge you?
• A.

.4

• B.

4%

• C.

40%

• D.

.004

• 4.
Jose deposits \$1500 of his tax refund into an account that earn simple annual interest. How much interest will his account earn after 6 years at an annual interest rate of 13%?Your answer must have a symbol and cents!
• 5.
Mary deposits \$3000 from her summer job into an account that earns simple interest. How much money will be in her account after 6 months at an annual interest rate of 5.5%?
• 6.
You invest \$4700 into an account with an interest rate of 3.5%. You earn \$246.75 in interest. How long did you invest the money for?
• 7.
You invest \$350 in an account. It earns an interest rate of 7.25%. You invest the money for 8 months. How much money do you have in the account after 8 months? Round your answer to the nearest cent if necessary.
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