Simple Interest 1
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Question 1 of 5
1. Question
Steve invested $$$4{,}000$$ in a savings account. The interest rate is `3.5%` per year. Find the interest earned if the amount was kept in the bank for `3` years.- `\text(Interest Earned )=$` (420)
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Simple Interest Formula
`I = ``P``r``t`Identify the given values
Principal Value $$= P = $4{,}000$$Interest Rate `= r = 3.5%` per annumTime Elapsed `= t = 3` yearsFirst, express the rate as a decimal`3.5% = 0.035`Solve for the Interest `(I),` using the formula`I` `=` `P``r``t` Simple Interest Formula `=` $$$4{,}000$$`times``0.035``times``3` Plug in the known values `=` `$420` `$420` interest earned -
Question 2 of 5
2. Question
Mary invested $$$3{,}000$$ in a savings account. The interest rate is `9.5%` per year and is not compounded. Find the interest earned if the amount was kept in the bank for `10` months.Round your answer to two decimal places- `\text(Interest Earned )=$` (237.50)
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Simple Interest Formula
`I = ``P``r``t`Identify the given values
Principal Value $$= P = $3{,}000$$Interest Rate `= r = 9.5%` per annumTime Elapsed `= t = 10` monthsFirst, express the rate as a decimal`9.5% = 0.095`We are given a rate per annum, so we need to solve for the rate per monthRate per month `=` Rate `(r)` per annum `divide 12` `=` `0.095``divide 12` `=` `0.00792` Interest rate per month Solve for the Interest `(I),` using the formula`I` `=` `P``r``t` Simple Interest Formula `=` $$$3{,}000$$`times``0.00792``times``10` Plug in the known values `=` `$237.50` `$237.50` interest earned -
Question 3 of 5
3. Question
If you put money into a savings account that earns `$147.00` over seven years at a rate of `3%`, how much money did you put into the account?
- Principal`=$ \ ` (700)
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Simple Interest Formula
`color(purple)(I)=color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)`Labelling the given values
Interest`=I=$147`Principal Value`=P=?`Rate`=r=3%` per annumTime Elapsed`=t=7` yearsFirst, express the rate as a decimal`3% = 0.03`Solve for the Principal `(P),` using the formula`color(purple)(I)` `=` `color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)` Simple Interest Formula `color(purple)($147)` `=` `color(forestgreen)(P) color(black)(times) color(royalblue)(0.03) color(black)(times) color(tomato)(7)` Plug in the known values `$147` `=` `Ptimes0.21` Simplify `$700` `=` `P` Divide both sides by `0.21`. `P` `=` `$700` Reverse the sides so that the unknown variable `P` is on the left-hand side. The Principal is `$700`. -
Question 4 of 5
4. Question
How much interest is earned on a principal of $200 invested at an interest rate of 6% for eight years?
- Interest Earned`=$ \ ` (96)
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Simple Interest Formula
`color(purple)(I)=color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)`Labelling the given values
Interest`=I=?`Principal Value`=P=$200`Rate`=r=6%` per annumTime Elapsed`=t=8` yearsFirst, express the rate as a decimal`6% = 0.06`Solve for the Interest `(I),` using the formula`color(purple)(I)` `=` `color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)` Simple Interest Formula `=` `color(forestgreen)($200) color(black)(times) color(royalblue)(0.06) color(black)(times) color(tomato)(8)` Plug in the known values `=` `$96` `$96` interest earned -
Question 5 of 5
5. Question
If an investment over eight years that gives `$160.00` in interest results in a final balance of `$610.00`, what was the original investment?
- Principal`=$ \ ` (450)
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Simple Interest Formula
`color(purple)(I)=color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)`Labelling the given values
Interest`=I=$160`Principal Value`=P=?`Rate`=r=?` per annumTime Elapsed`=t=8` yearsSolve for the Principal `(P),` by subtracting the final total `$610` from the interest earned `$160`.The Principal is `$450`.The Principal is `$450`.