I am about to lose my mind. help me Lesson 8 Homework Practice
Financial Literacy
Find the simple interest earned to the nearest cent for each principal, interest rate, and time.
1. $750, 7%, 3 years
2. $1,200, 3.5%, 2 years
3. $450, 5%, 4 months
4. $1,000, 2%, 9 months
5. $530, 6%, 1 year
6. $600, 8%, 1 month

Find the simple interest paid to the nearest cent for each loan, interest rate, and time.
7. $668, 5%, 2 years
8. $720, 4.25%, 3 months
9. $2,500, 6.9%, 6 months
10. $500, 12%, 18 months
11. $300, 9%, 3 years
12. $2,000, 20%, 1 year

13. ELECTRONICS Rita charged $126 for a DVD player at an interest rate of 15.9%.
How much will Rita have to pay after 2 months if she makes no payments?

14. VACATION The average cost for a vacation is $1,050. If a family borrows money
for the vacation at an interest rate of 11.9% for 6 months, what is the total cost of
the vacation including the interest on the loan?

15. INVESTMENTS Serena has $2,500 to invest in a CD (certificate of deposit).
a. If Serena invests the $2,500 in the CD that yields 4% interest, what will
the CD be worth after 2 years?
b. Serena would like to have $3,000 altogether. If the interest rate is 5%, in
how many years will she have $3,000?
c. Suppose Serena invests the $2,500 for 3 years and earns $255. What was
the rate of interest?

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