6.4 Solve simple interest applications  (Page 4/8)

Find the principal invested if $\text{\$15,222.57}$ interest was earned in $6$ years at an interest rate of $\text{10.28\%}.$

Find the principal invested if $\text{\$10,953.70}$ interest was earned in $5$ years at an interest rate of $\text{11.04\%.}$

Find the rate if a principal of $\text{\$5,400}$ earned $\text{\$432}$ interest in $2$ years.

Find the rate if a principal of $\text{\$2,600}$ earned $\text{\$468}$ interest in $6$ years.

Find the rate if a principal of $\text{\$11,000}$ earned $\text{\$1,815}$ interest in $3$ years.

Find the rate if a principal of $\text{\$8,500}$ earned $\text{\$3,230}$ interest in $4$ years.

Casey deposited $\text{\$1,450}$ in a bank account with interest rate $\text{4\%.}$ How much interest was earned in $2$ years?

Terrence deposited $\text{\$5,720}$ in a bank account with interest rate $\text{6\%.}$ How much interest was earned in $4$ years?

Robin deposited $\text{\$31,000}$ in a bank account with interest rate $\text{5.2\%}.$ How much interest was earned in $3$ years?

Carleen deposited $\text{\$16,400}$ in a bank account with interest rate $\text{3.9\%}.$ How much interest was earned in $8$ years?

Hilaria borrowed $\text{\$8,000}$ from her grandfather to pay for college. Five years later, she paid him back the $\text{\$8,000},$ plus $\text{\$1,200}$ interest. What was the rate of interest?

Kenneth lent his niece $\text{\$1,200}$ to buy a computer. Two years later, she paid him back the $\text{\$1,200},$ plus $\text{\$96}$ interest. What was the rate of interest?

Lebron lent his daughter $\text{\$20,000}$ to help her buy a condominium. When she sold the condominium four years later, she paid him the $\text{\$20,000},$ plus $\text{\$3,000}$ interest. What was the rate of interest?

Pablo borrowed $\text{\$50,000}$ to start a business. Three years later, he repaid the $\text{\$50,000},$ plus $\text{\$9,375}$ interest. What was the rate of interest?

In $10$ years, a bank account that paid $\text{5.25\%}$ earned $\text{\$18,375}$ interest. What was the principal of the account?

In $25$ years, a bond that paid $\text{4.75\%}$ earned $\text{\$2,375}$ interest. What was the principal of the bond?

Joshua's computer loan statement said he would pay $\text{\$1,244.34}$ in interest for a $3$ year loan at $\text{12.4\%}.$ How much did Joshua borrow to buy the computer?

Margaret's car loan statement said she would pay $\text{\$7,683.20}$ in interest for a $5$ year loan at $\text{9.8\%.}$ How much did Margaret borrow to buy the car?

Caitlin invested $\text{\$8,200}$ in an $\text{18-month}$ certificate of deposit paying $\text{2.7\%}$ interest. How much interest did she earn form this investment?

Diego invested $\text{\$6,100}$ in a $\text{9-month}$ certificate of deposit paying $\text{1.8\%}$ interest. How much interest did he earn form this investment?

Airin borrowed $\text{\$3,900}$ from her parents for the down payment on a car and promised to pay them back in $15$ months at a $\text{4\%}$ rate of interest. How much interest did she owe her parents?

Yuta borrowed $\text{\$840}$ from his brother to pay for his textbooks and promised to pay him back in $5$ months at a $\text{6\%}$ rate of interest. How much interest did Yuta owe his brother?

Interest on savings Find the interest rate your local bank pays on savings accounts.

1. ⓐ What is the interest rate?
2. ⓑ Calculate the amount of interest you would earn on a principal of $\text{\$8,000}$ for $5$ years.

Interest on a loan Find the interest rate your local bank charges for a car loan.

1. ⓐ What is the interest rate?
2. ⓑ Calculate the amount of interest you would pay on a loan of $\text{\$8,000}$ for $5$ years.

Why do banks pay interest on money deposited in savings accounts?

Why do banks charge interest for lending money?