Solve the Simple Interest Problems:
1. If a loan is taken out for $896 at 6% and costs $107.52, how long was the loan for?
2. If the balance at the end of one year on an investment of $643 that has been invested at a rate of 6% is $681.58, how much was the interest?
3. How much principal must be invested to earn $358.80 in eight years at an interest rate of 5%?
4. How much interest is earned on $226 at 6% for seven years?
5. How much principal must be invested to earn $126.00 in nine years at an interest rate of 5%?
6. What was the interest rate if your balance on an investment of $970 at the end of three years is $1,261.00?
7. If you borrow $741 for five years at an interest rate of 8%, how much interest will you pay?
8. If you put $353 into a savings account that earns 5%, how much interest will you receive at the end of six years?
9. Your final balance on an investment of $628 invested at 10% was $1,130.40. For what period of time
did you invest?
10. How much interest is earned on $821 at 3% for five years? |