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

Sample Problems For Simple Interest


Complexity=20

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:

Complexity=50

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:

Complexity=100

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:

Answers


Complexity=20

Answer the following questions involving simple interest. Input all answers to the nearest dollar
#ProblemCorrect AnswerYour Answer
1Interest 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
#ProblemCorrect AnswerYour Answer
2Interest 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

Complexity=50

Answer the following questions involving simple interest. Input all answers to the nearest dollar
#ProblemCorrect AnswerYour Answer
1Interest 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
#ProblemCorrect AnswerYour Answer
2Interest 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

Complexity=100

Answer the following questions involving simple interest. Input all answers to the nearest dollar
#ProblemCorrect AnswerYour Answer
1Interest 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
#ProblemCorrect AnswerYour Answer
2Interest 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

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