Simple Interest Assignment

In January of 2003, Gerry opened a savings account that paid 3.25% annual interest. His initial deposit was $1,100. If Gerry didn't deposit or withdraw any additional money, what was his balance at the end of December, 2012?

$1,457.50

Find the total amount of interest earned on this savings account. Time: 7 years Interest Rate: 2.5% Principal: $4,556 Interest:

$797.30

Donna put $450 into a 6-month certificate of deposit that earns 4.6% simple annual interest. How much interest did the certificate earn?

10.35

Juanita borrowed $600 to purchase a new computer. She was charged 7% interest for two years. How much interest will Juanita pay? Juanita will pay $ ⇒ 84 interest.

84

Account Balance

A = Principle + Interest

Juanita borrowed $600 to purchase a new computer. She was charged 7% interest for two years. She used the simple interest formula to find the interest. I = 600(7)(2) What error did Juanita make and how will her error affect the interest she calculates? Explain.

Juanita did not change the 7% to the decimal 0.07. When she completes the problem as written, the interest will be greater than the money she borrowed.

Olivia deposits $6,952 in a savings account paying 3.72% interest. To the nearest dollar, how much money does Olivia have in total after sixteen years? a.$4,138 b.$8,568 c.$11,090 d.$29,901

a

If you wish to calculate the interest on an investment with a rate of 6.17%, what number will you plug into your equation? a. 0.00617 b. 0.0617 c. 0.617 d. 6.17

b

Nicole deposits $2,136 in a savings account paying 5.36% interest. To the nearest dollar, how much money does Nicole have in total after nine years? a.$213 b.$1,030 c.$1,272 d.$3,166

d

Juanita borrowed $600 to purchase a new computer. She was charged 7% interest for two years. The amount of money Juanita borrowed is called the .

princpal