Simple Interest Sample Problems

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These sample problems below for Simple Interest were generated by the MathScore.com engine.

Sample Problems For Simple Interest

Answer the following questions involving simple interest. Input all answers to the nearest dollar

1.	Interest Rate: 1% each year Starting Balance: $147 Time Passed: 6 years How much interest has accrued if we are using simple interest? What is the new total balance?	Interest: Total balance:
2.	Interest Rate: 2% each year Starting Balance: $124 Time Passed: 9 years How much interest has accrued if we are using simple interest? What is the new total balance?	Interest: Total balance:

Answer the following questions involving simple interest. Input all answers to the nearest dollar

1.	Interest Rate: 8% each year Starting Balance: $289 Time Passed: 6 years How much interest has accrued if we are using simple interest? What is the new total balance?	Interest: Total balance:
2.	Interest Rate: 1% each year Starting Balance: $175 Time Passed: 13 years How much interest has accrued if we are using simple interest? What is the new total balance?	Interest: Total balance:

Answer the following questions involving simple interest. Input all answers to the nearest dollar

1.	Interest Rate: 2% each year Starting Balance: $839 Time Passed: 15 years How much interest has accrued if we are using simple interest? What is the new total balance?	Interest: Total balance:
2.	Interest Rate: 4% each year Starting Balance: $184 Time Passed: 3 years How much interest has accrued if we are using simple interest? What is the new total balance?	Interest: Total balance:

Answer the following questions involving simple interest. Input all answers to the nearest dollar

#	Problem	Correct Answer	Your Answer
1	Interest Rate: 1% each year Starting Balance: $147 Time Passed: 6 years How much interest has accrued if we are using simple interest? What is the new total balance?	Interest: Total balance:
Solution Simple Interest: I = PRT P = principle = starting balance = $147 R = interest rate = 1% T = time = 6 years I = interest = principle × interest rate × time = 147 × 1 / 100 × 6 = $9 New Balance = starting balance + interest accrued = $147 + $9 = $156

#	Problem	Correct Answer	Your Answer
2	Interest Rate: 2% each year Starting Balance: $124 Time Passed: 9 years How much interest has accrued if we are using simple interest? What is the new total balance?	Interest: Total balance:
Solution Simple Interest: I = PRT P = principle = starting balance = $124 R = interest rate = 2% T = time = 9 years I = interest = principle × interest rate × time = 124 × 2 / 100 × 9 = $22 New Balance = starting balance + interest accrued = $124 + $22 = $146

Answer the following questions involving simple interest. Input all answers to the nearest dollar

#	Problem	Correct Answer	Your Answer
1	Interest Rate: 8% each year Starting Balance: $289 Time Passed: 6 years How much interest has accrued if we are using simple interest? What is the new total balance?	Interest: Total balance:
Solution Simple Interest: I = PRT P = principle = starting balance = $289 R = interest rate = 8% T = time = 6 years I = interest = principle × interest rate × time = 289 × 8 / 100 × 6 = $139 New Balance = starting balance + interest accrued = $289 + $139 = $428

#	Problem	Correct Answer	Your Answer
2	Interest Rate: 1% each year Starting Balance: $175 Time Passed: 13 years How much interest has accrued if we are using simple interest? What is the new total balance?	Interest: Total balance:
Solution Simple Interest: I = PRT P = principle = starting balance = $175 R = interest rate = 1% T = time = 13 years I = interest = principle × interest rate × time = 175 × 1 / 100 × 13 = $23 New Balance = starting balance + interest accrued = $175 + $23 = $198

Answer the following questions involving simple interest. Input all answers to the nearest dollar

#	Problem	Correct Answer	Your Answer
1	Interest Rate: 2% each year Starting Balance: $839 Time Passed: 15 years How much interest has accrued if we are using simple interest? What is the new total balance?	Interest: Total balance:
Solution Simple Interest: I = PRT P = principle = starting balance = $839 R = interest rate = 2% T = time = 15 years I = interest = principle × interest rate × time = 839 × 2 / 100 × 15 = $252 New Balance = starting balance + interest accrued = $839 + $252 = $1091

#	Problem	Correct Answer	Your Answer
2	Interest Rate: 4% each year Starting Balance: $184 Time Passed: 3 years How much interest has accrued if we are using simple interest? What is the new total balance?	Interest: Total balance:
Solution Simple Interest: I = PRT P = principle = starting balance = $184 R = interest rate = 4% T = time = 3 years I = interest = principle × interest rate × time = 184 × 4 / 100 × 3 = $22 New Balance = starting balance + interest accrued = $184 + $22 = $206