Answer the following questions involving simple interest. Input all answers to
the nearest dollar
1) D. takes a loan of $8,000 to buy a used truck at the rate of 9 % simple interest.
Calculate the annual interest to be paid for the loan amount.
2) Steve invested $ 10,000 in a savings bank account that earned 2% simple interest. Find
the interest earned if the amount was kept in the bank for 4 years.
3) Ryan bought $ 15,000 from a bank to buy a car at 10% simple Interest. If he paid $ 9,000
as interest while clearing the loan, find the time for which the loan was given.
4) In how much time will the simple interest on $3,500 at the rate of 9% be the same as
simple interest on $4,000 at 10.5% for 4 years?
5) Richard deposits $ 5400 and got back an amount of $ 6000 after a year. Find the simple interest he got.
6) Find simple interest on $3000 at 7% rate of interest for one year.
7) Find simple interest on $10,000 at the rate of 5% for 5 years. Also find the
amount for 5 years
8. Interest Rate: 7% each year
Starting Balance: $194
Time Passed: 13 years
How much interest has accrued if we are using simple interest?
What is the new total balance?
9. Interest Rate: 9% each year
Starting Balance: $150
Time Passed: 14 years
How much interest has accrued if we are using simple interest?
What is the new total balance?
10. Interest Rate: 2% each year
Starting Balance: $135
Time Passed: 11 years
How much interest has accrued if we are using simple interest?
What is the new total balance?
