Help please please will give brainlist please Sydney borrowed $5500 from the bank to pay for her first semester of college. The loan has a simple interest rate of 6% for the length of the 5-year loan. How much interest will Sydney have paid? *
answer choices *
$165
$165,000
$1,650
$16,500

Max deposited $2300 into an account that earns 3.4% simple interest. How much interest will Max have earned in 10 years? *
answer choices *
$7,820
$3,082
$782
$10,120

Isaiah took out a 10-year, $11,000 loan to pay for repairs for his roof. He pays 2.25% simple interest. Which of the following shows the correct way to determine the interest paid? *
answer choices *
I = (11000)(2.25)(10)
I = (11000)(0.25)(10)
I = (11000)(25)(10)
I = (11000)(0.025)(10)

Heather borrowed $500 from a friend to pay for a car repair. Heather offered to pay 3% interest when she pays her friend back in 6 months. How much in interest will Heather pay her friend? *
answer choices *
$7.50
$9.00
$90.00
$75.00

USAA offers a simple interest rate of 3.5% on their savings accounts. If Kaleb deposits $3000 into an account there, how much will he have TOTAL in his account after 6 years? *
answer choices *
$6,300
$630
$9,300
$3,630

Lance just moved near the lake and wants to purchase a boat. He borrows $8500 from the bank to help pay for it. The bank charges him 5% interest for his 4.5 year loan. What is the TOTAL amount that Lance will have to pay back to the bank? *
answer choices *
$1,912.50
$8,500
$10,412.50
$191.25

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Step-by-step explanation:

Step-by-step explanation:

e simplest type of interest is called, appropriately, “simple interest.” If you were to loan a friend $1000 to start a business and you both agreed that in one year, the friend would repay you $1060, you would earn $60 interest on that investment.

You would earn $60 simple interest. Simple interest is calculated as a percentage of the initial amount borrowed and does not include any additional earnings.

The percentage of the original loan amount that is paid as simple interest is called the interest rate. In our example, the interest rate on a $1000 loan that requires a $60 interest payment in one year is:

The simple interest rate on this loan would be 6%.

Interest Rate = The amount earned on an investment or charged on a loan (% of the principal)

Principal = The original amount of money borrowed for a loan or placed into an investment

Video Source (06:53 mins) | Transcript

The following video shows another example of simple interest and explains how this works with a little more detail.

Video Source (03:44 mins) | Transcript

There are two perspectives on interest. Someone is the lender, and someone is the borrower. From the viewpoint of the lender, interest is great. It allows them to make money on their investment. From the perspective of the borrower, interest can be a big problem. In addition to paying back the original amount of the loan, the borrower must also pay the interest.

The higher the interest rate, the greater the interest payment will be.

Interest Equation: I = Prt

I = Interest

P = Principle

r = Rate (using the decimal form of the %)

t = Time

Amount Owed = P + I

Additional Resources

Khan Academy: Intro to Simple Interest (02:45 mins, Transcript)

Khan Academy: Finding Simple Interest for One Year (05:22 mins, Transcript)

Khan Academy: Finding Simple Interest for Many Years (08:03 mins, Transcript)

Practice Problems

What is the definition for each of the variables in the simple interest formula (I=Prt)?

How much interest will you earn if you invest $500 for three years at a simple interest rate of 4% annually?

How much interest will you earn if you invest $1000 for seven years at a simple interest rate of 8% annually?

What is the total amount of money that you will have at the end of the four years if you invest $2000 for four years at a simple interest rate of 8% annually?

What is the total amount of money that you will have at the end of the six years if you invest $900 for six years at a simple interest rate of 7% annually?

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