Simple Interest Answers

The following information is known about a loan.Time = 4 yearsInterest rate = 3.1%Original amount of loan = $1,200What amount of simple interest will be paid on the loan?

Maggie is considering two investments. Investment AInvestment BPrincipal$10,000$8,000Interest rate3%2.8%Time in years515 Which investment will be worth more at the end of the investment period?

Mara found the length of time of an investment. The principal of the investment was $4,300, the interest rate was 6.2 percent, and the interest was $2,666. Mara made an error in her work.What was Mara’s error?

Mrs. Sing invests $12,876 for her business at an annual interest rate of 7 percent for 3 years. Which number will Mrs. Sing substitute for r in the simple interest formula?

The following information is known about a loan.Time = 8 yearsInterest rate = 14%Principal = $1,010What is the total amount of simple interest that is earned?

Constance will put $500 in a savings account. Which option should she choose so that she will have the most money?

The following information is known about a loan.Time = 7 yearsInterest rate = 6%Interest = $840.00What was the principal on the loan?

Which term is a word for a fee that is paid for the use of another person’s money?

LaShea would like to invest her $100 in birthday money. Which option will give her the most money at the end of the investment period?

Victor borrowed money at 5.25 percent simple annual interest. At the end of the year, the interest on the loan is $255.94. What was the amount of the loan?