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Algebra 1 : How to find simple interest

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Example Questions

Example Question #63 : Monetary Percentage

You deposit $2000 in a bank that earns 12% interest every year. How much interest will accrue in 5 years?

Possible Answers:

$\$1200$

$\$1000$

$\$60$

$\$600$

$\$240$

Correct answer:

$\$1200$

Explanation:

To find the interest earned, we use the following formula

$\text{simple interest} = P \cdot R \cdot T$

where P is the principal or amount deposited, R is the rate of interest earned, and T is the time in years. Using this formula, we can substitute. We get

$\text{simple interest} = \$2000 \cdot 12\% \cdot 5$

$\text{simple interest} = \$2000 \cdot 0.12 \cdot 5$

$\text{simple interest} = \$1200$

Therefore, the amount of interested earned after 5 years is $1200.

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Example Question #61 : Monetary Percentage

You deposit $1500 into a savings account. The account earns 7% in interest annualy. How much simple interest will you earn in 6 years?

Possible Answers:

$\$42$

$\$420$

$\$6300$

$\$63$

$\$630$

Correct answer:

$\$630$

Explanation:

To find simple interest, we use the following formula:

$\text{simple interest} = P \cdot R \cdot T$

where

$P = \text{principal or amount deposited}$

$R = \text{percentage rate}$

$T = \text{time in years}$

Given what we know

$P = \$1500$

$R = 7\% \text{ or } 0.07$

$T = 6 \text{ years}$

we can substitute into the formula. We get

$\text{simple interest} = \$1500 \cdot 0.07 \cdot 6$

$\text{simple interest} = \$630$

Therefore, you earned a total of $\$630$ in simple interest.

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Example Question #21 : How To Find Simple Interest

You deposit $400 into a savings account. The account earns 3% interest per year. How much simple interest will you earn after 4 years?

Possible Answers:

$\$48$

$\$480$

$\$300$

$\$120$

$\$100$

Correct answer:

$\$48$

Explanation:

To find simple interest, we use the following formula:

$\text{simple interest} = P \cdot R \cdot T$

where

$P = \text{principal or amount deposited}$

$R = \text{percentage rate}$

$T = \text{time in years}$

Given what we know

$P = \$400$

$R = 3\% \text{ or } 0.03$

$T = 4 \text{ years}$

we can substitute into the formula. We get

$\text{simple interest} = \$400 \cdot 0.03 \cdot 4$

$\text{simple interest} = \$48$

Therefore, you earned a total of $\$48$ in simple interest.

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Example Question #66 : Monetary Percentage

You invest $550 in a savings account that accrues interest at a rate of 6% annually. How much interest will you earn after 3 years?

Possible Answers:

$\$330$

$\$99$

$\$11$

$\$33$

$\$990$

Correct answer:

$\$99$

Explanation:

To find simple interest, we use the following formula:

$\text{simple interest} = P \cdot R \cdot T$

where

$P = \text{principal or amount deposited}$

$R = \text{percentage rate}$

$T = \text{time in years}$

Given what we know

$P = \$550$

$R = 6\% \text{ or } 0.06$

$T = 3 \text{ years}$

we can substitute into the formula. We get

$\text{simple interest} = \$550 \cdot 0.06 \cdot 3$

$\text{simple interest} = \$99$

Therefore, you earned a total of $\$99$ in simple interest.

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Example Question #67 : Monetary Percentage

You deposit $700 in a savings account at a bank. It accrues 4% interest annually. How much simple interest will you earn after 2.5 years?

Possible Answers:

$\$70$

$\$112$

$\$28$

$\$56$

$\$280$

Correct answer:

$\$70$

Explanation:

To find simple interest, we use the following formula:

$\text{simple interest} = P \cdot R \cdot T$

where

$P = \text{principal or amount deposited}$

$R = \text{percentage rate}$

$T = \text{time in years}$

Given what we know

$P = \$700$

$R = 4\% \text{ or } 0.04$

$T = 2.5 \text{ years}$

we can substitute into the formula. We get

$\text{simple interest} = \$700 \cdot 0.04 \cdot 2.5$

$\text{simple interest} = \$70$

Therefore, you earned a total of $\$70$ in simple interest.

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Example Question #2722 : Algebra 1

Joey received a savings bond that pays out 4% interest each year. The face value of the bond is $500. How much will Joey receive after holding the bond for one year?

Possible Answers:

$\$200$

$\$4$

$\$40$

$\$20$

$\$0.40$

Correct answer:

$\$20$

Explanation:

Convert 4% into a decimal...

4% = 0.04

...and multiply by the face value of the bond. If is the interest paid after one year, the equation would look like this:

$x=500\times0.04$

x=20

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Algebra 1 : How to find simple interest

Study concepts, example questions & explanations for Algebra 1

All Algebra 1 Resources

Example Questions

Example Question #63 : Monetary Percentage

Example Question #61 : Monetary Percentage

Example Question #21 : How To Find Simple Interest

Example Question #66 : Monetary Percentage

Example Question #67 : Monetary Percentage

Example Question #2722 : Algebra 1

All Algebra 1 Resources

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