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6th Grade Simple Interest
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The drama club borrowed $1,000 at a yearly rate of 6%. They paid back the loan after they sold tickets in 2 months. How much did the drama club owe the bank?
$1,010
Sally deposited $8,000 into a retirement account when she was 18. How much will Sally have in her account when she is 65 at a simple interest rate of 7.5%?
$36,200
Mr. Mogi borrowed $25,000 for 10 years at a 6.5% to make home improvements. How much money does Mr. Mogi need to pay the bank?
$41,250
TJ invested $4,000 in a bond at a yearly rate of 2%. He earned $200 in interest. How long was the money invested?
2.5 years
Paul decided to loan his brother $9,000 to help him buy a motorcycle. His brother agreed to take the loan but insisted on paying him 5% annual interest. He was able to pay off the loan in 6 months. How much interest did Paul get?
$225
Erica's grandparents deposited $20,000 into a savings account as a college fund when she was born. How much will Erica have in this account when she turns 18 if the yearly simple interest rate is 3.25%?
$31,700
If the principal is $12,000, time is 3 years and the interest is $1,400. What is the rate?
3.9%
To buy a car, Joe borrowed $10,000 from his parents. His parents are charging him 2% simple interest each month. If it takes Joe 3 years to pay it off, how much interest will he owe his parents?
$7,200
How much interest will be earned in 3 years from $730 placed in a savings account at 6.5% annual simple interest?
$142.35
To buy a laptop computer, Louise borrowed $2,000 for 3 years at an annual simple interest rate of 4.5%. What is the total amount that she will repay?
$2,270


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