Question

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1.Use the simple interest formula to find the ending balance. $1500 at 7% for 1.5 years.

2.Tammi deposited $520 into a bank account that earned simple interest each year. After 5 years, she had earned $156 in interest.If no money was deposited into or withdrawn from the account, what was the annual interest rate?

3.Bonita deposited $1300 into a bank account that earned 5.75% simple interest each year. She earned $299 in interest before closing the account.If no money was deposited into or withdrawn from the account, for how many years was the money in the account?Round your answer to the nearest whole year.

4.Jackie deposited $315 into a bank account that earned 1.5% simple interest each year.If no money was deposited into or withdrawn from the account, how much money was in the account after ​3​ years?

5.Safari deposited money into a bank account that earned 6.5% simple interest each year. After 312312 years, she had earned $36.40 in interest on the account. If no other money was deposited into or withdrawn from the account, how much was her initial deposit?

Answer 1

The simple interest formula is A = P(1 + rt) in which A is the total of money after interest, P is your principal (starting) amount, r is the interest rate, and t is the amount of time. 
For 1), plug in your variables to get  A = 1500(1 + (7/100*1.5)). Simplify, and you'll get A = 1500*1.105, and finally your answer, $1,657.50.

For 2), add your interest and principal amount, then plug in your variables to get 676 = 520(1 + 5r). Distribute to get 676 = 520 + 2600r. Subtract 520 from 676 to get 156 = 2600r, then divide both sides by 2600 to get a rate of 0.06, or 6%. 

For 3), add your interest and principal amount, then plug in your variables to get 1599 = 1300(1 + 5.75t). Distribute to get 1599 = 1300 + 7475t. Subtract 1300 from both sides to get 299 = 7475t, and then divide both sides by 7475 to get .04 = t, or a time period of four years. 

The other two problems can be solved using the formula and steps described above. If you still need help with them, leave a comment and I will solve those as well. 

Answer 2

Hey there!  These are the answers to your questions.

1) Use the simple interest formula to find the ending balance.$1500 at 7% for 1.5 years.

Answer is:1657.50

2) Tammi deposited $520 into a bank account that earned simple interest each year. After 5 years, she had earned $156 in interest.If no money was deposited into or withdrawn from the account, what was the annual interest rate?

Answer is:6

3) Bonita deposited $1300 into a bank account that earned 5.75% simple interest each year. She earned $299 in interest before closing the account.If no money was deposited into or withdrawn from the account, for how many years was the money in the account?Round your answer to the nearest whole year.

Answer is:4

4)Jackie deposited $315 into a bank account that earned 1.5% simple interest each year.If no money was deposited into or withdrawn from the account, how much money was in the account after ​3​ years?Round your answer to the nearest cent.

Answer is:329.18

Safiya deposited money into a bank account that earned 6.5% simple interest each year. After  3 1/2 years, she had earned $36.40 in interest on the account.If no other money was deposited into or withdrawn from the account, how much was her initial deposit?

Answer is:160

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