Algebra 1 : Monetary Percentage
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Example Questions
Example Question #12 : How To Find Simple Interest
Find the simple interest earned if you deposit $2000 into a bank at an annual rate of 5% for 3 years.
To find the simple interest, we use the formula
or
where the principal is the initial amount we desposit, the rate is the percentage of interest accruing, and the time is the number of years.
We know
So we substitute, and we get
Therefore, the simple interested earned is $300.
Example Question #62 : Monetary Percentage
You deposit $400 at the bank that accrues an interest of 5% every year. How much interest will you have earned in 10 years?
To find the simple interest accrued, we will use the formula
or
We know the following
We can substitute into the formula. We get
Therefore, the amount of interest earned is $200.
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?
To find the interest earned, we use the following formula
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
Therefore, the amount of interested earned after 5 years is $1200.
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?
To find simple interest, we use the following formula:
where
Given what we know
we can substitute into the formula. We get
Therefore, you earned a total of 
Example Question #2722 : Algebra 1
You deposit $400 into a savings account. The account earns 3% interest per year. How much simple interest will you earn after 4 years?
To find simple interest, we use the following formula:
where
Given what we know
we can substitute into the formula. We get
Therefore, you earned a total of 
Example Question #2723 : Algebra 1
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?
To find simple interest, we use the following formula:
where
Given what we know
we can substitute into the formula. We get
Therefore, you earned a total of 
Example Question #2722 : Algebra 1
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?
To find simple interest, we use the following formula:
where
Given what we know
we can substitute into the formula. We get
Therefore, you earned a total of 
Example Question #21 : How To Find Simple Interest
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?
Convert 4% into a decimal...
4% = 0.04
...and multiply by the face value of the bond. If 
Example Question #1 : How To Find The Sale Price
A girl in County A spent $75 before a 7.25% sales tax and a girl in County B spent $70 before an 8% sales tax. How much more money did the girl from County A spend than the girl from County B after sales tax was applied? Round to the nearest hundredth.
$1.63
$16.25
$2.63
$5.84
$4.84
$4.84
County A: Multiply the price by the sales tax to find out how much money the sales tax will add. Remember to convert percent to decimal!
$75 * 0.0725 = $5.4375
Add the original price and the sales tax.
$75 + $5.4375 = $80.4375
County B: Multiply the price by the sales tax to find out how much money the sales tax will add. Remember to convert percent to decimal!
$70 * 0.08 = $5.6
Add the original price and the sales tax.
$70 + $5.6 = $75.6
Then take the difference.
80.4375 – 75.6 = 4.8375
Round to the nearest hundredth: $4.84
Example Question #2 : How To Find The Sale Price
Mary was shopping for a new dress, and found one she liked for $48. Better yet, it was 25% off. How much did Mary pay for the dress?
$40
$36
$23
$12
$30
$36
To find the sale price we can set up a proportion. 25/100 = x/48. We keep the 100 and 48 both on the bottom of the fraction since they represent the "whole". x represents the discount off the full price of the dress. To solve this proportion, we cross multiply, yielding 48 * 25 = 100x. Alternatively, if you notice that 25/100 simplifies to 1/4, we can use 1/4 in our proportion instead of 25/100, thus, 1/4 = x/48. Then, cross multiplying, we get 48 = 4x, so x = 12. Then we subtract this discount from the original price yielding 48 – 12 = 36; thus, she paid $36 for the dress.
25% = 25/100
(1) * (48) = (4) * (x)
48 = 4x
(48)/4 = (4x)/4
12 = x
The discount is $12.
$48 – $12 = $36
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