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Download Simple Interest Name Homework Period ______ Find the interest
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Simple Interest Name _______________________________ Homework Period ________ Find the interest and total amount to the nearest cent. 1) $315 at 6% per year for 5 years 2) $550 at 5.5% per year for 3 years 3) $200 at 7% per year for 9 months 4) $900 at 7.25% per year for 3 years Solve. 5) Mr. Williams invested $4000 in a bond with a yearly interest rate of 4%. His total interest on the investment was $800. What was the length of the investment? 6) Tom borrowed $35,000 to remodel his house. At the end of the 5-year loan, he had repaid a total of $46,375. At what simple interest rate did he borrow the money? 7) Paige deposited $1277 in a savings account. How much would she have in the account after 3 years at an annual simple interest rate of 4%? 8) Eliza deposits $8500 in a college fund. if the fund earns an annual simple interest rate of 6.5%, how long must the money be in the fund to earn $9392.50 in interest? 9) Premier Bank loaned a construction company $275,000 at an annual simple interest rate. After 5 years, the company repaid the bank $350,625. What was the interest rate on the loan? 10) Which loan would cost a borrower less: $3000 at 6% for 4 years or $3000 at 7.5% for 3 years? How much interest would the borrower save by taking the cheaper loan?