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## Simple Interest - Sample Math Practice Problems

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### Complexity=20

Answer the following questions involving simple interest. Input all answers to the nearest dollar

 1 Interest Rate: 7% each year Starting Balance: \$194Time Passed: 13 years How much interest has accrued if we are using simple interest? What is the new total balance?   Interest:   Total balance: 2 Interest Rate: 9% each year Starting Balance: \$150Time Passed: 14 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: 1% each year Starting Balance: \$269Time Passed: 3 years How much interest has accrued if we are using simple interest? What is the new total balance?   Interest:   Total balance: 2 Interest Rate: 5% each year Starting Balance: \$472Time Passed: 10 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: \$135Time Passed: 11 years How much interest has accrued if we are using simple interest? What is the new total balance?   Interest:   Total balance: 2 Interest Rate: 5% each year Starting Balance: \$198Time Passed: 13 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: 7% each year
Starting Balance: \$194
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 = \$194
R = interest rate = 7%
T = time = 13 years
I = interest = principle × interest rate × time = 194 × 7 / 100 × 13 = \$177
New Balance = starting balance + interest accrued = \$194 + \$177 = \$371
#ProblemCorrect AnswerYour Answer
2Interest Rate: 9% each year
Starting Balance: \$150
Time Passed: 14 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 = \$150
R = interest rate = 9%
T = time = 14 years
I = interest = principle × interest rate × time = 150 × 9 / 100 × 14 = \$189
New Balance = starting balance + interest accrued = \$150 + \$189 = \$339

### Complexity=50

Answer the following questions involving simple interest. Input all answers to the nearest dollar

#ProblemCorrect AnswerYour Answer
1Interest Rate: 1% each year
Starting Balance: \$269
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 = \$269
R = interest rate = 1%
T = time = 3 years
I = interest = principle × interest rate × time = 269 × 1 / 100 × 3 = \$8
New Balance = starting balance + interest accrued = \$269 + \$8 = \$277
#ProblemCorrect AnswerYour Answer
2Interest Rate: 5% each year
Starting Balance: \$472
Time Passed: 10 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 = \$472
R = interest rate = 5%
T = time = 10 years
I = interest = principle × interest rate × time = 472 × 5 / 100 × 10 = \$236
New Balance = starting balance + interest accrued = \$472 + \$236 = \$708

### 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: \$135
Time Passed: 11 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 = \$135
R = interest rate = 2%
T = time = 11 years
I = interest = principle × interest rate × time = 135 × 2 / 100 × 11 = \$30
New Balance = starting balance + interest accrued = \$135 + \$30 = \$165
#ProblemCorrect AnswerYour Answer
2Interest Rate: 5% each year
Starting Balance: \$198
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 = \$198
R = interest rate = 5%
T = time = 13 years
I = interest = principle × interest rate × time = 198 × 5 / 100 × 13 = \$129
New Balance = starting balance + interest accrued = \$198 + \$129 = \$327
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