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- 1. Multiple Choice
Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays a simple interest rate of 3.8%. What will be the amount of interest earned after 15 years?
$3182.50
$270.75
$2707.50
$745.75
- 2. Multiple Choice
Emily’s parents put $1500 in her bank account for college tuition at a simple interest rate of 8.25%. What will be the balance after 18 years?
$22,275
$2227.50
$12,375
$3727.50
- 3. Multiple Choice
Mark took out a loan for $25,690 to purchase a new truck at a simple interest rate of 5.2%. How much interest will he pay on his truck after 5 years?
$6,679.40
$32,369.40
$66,794
$679.40
- 4. Multiple Choice
Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% simple interest. If she spent $7400 on furniture, how much will she have paid in total after 8 years?
$5624
$13,024
$56,240
$1302.40
- 5. Multiple Choice
The Henley’s took out a new home loan for $195,000 at a simple interest rate of 4.3%. How much will they pay in interest after 30 years?
$446,550
$2515.50
$25,155
$251,550
- 6. Multiple Choice
Kennedy won $3,000 from a radio contest. If she puts this money in a bank account that earns 2.9% simple interest, how much will she have in total in her account at the end of 10 years?
$8700
$38,700
$870
$3,870
- 7. Multiple Choice
Riley invested $1,000 in a savings account. If the account earns 6.75% simple interest, what is the balance in her account after 15 years?
$1,012.50
$10,012.50
$2,012.50
$201.25
- 8. Multiple Choice
Twelve years ago, Claire deposited $1,800 in a savings account. It pays 2.5% simple interest. How much in interest did Claire earn in the account?
$2,340
$23,400
$540
$54
- 9. Multiple Choice
Shawn is buying a new jet ski for $12,500. His Credit Union offers 8.5% simple interest. How much interest will Shawn pay on his Jet Ski after 18 months?
$1593.75
$19,125
$159,375
$14,093.75
- 10. Multiple Choice
Rob has $5,000. He deposits his money into a savings account at Town Bank which offers a 4.25% interest rate. If Rob does not make any deposits or withdrawals, how much simple interest will Rob's money earn after 6 months?
$10,625
$1275
$106.25
$127,500
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