Chapter 2 Lesson 8 Simple Interest Review

7 Questions | Total Attempts: 77

SettingsSettingsSettings
Please wait...
Lesson Quizzes & Trivia

.


Questions and Answers
  • 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.