Name: _____________________ Simple Interest Activity Ray put $1,000 into a savings account.

The interest on the account is 3.5%. He wants to put the money away for 18 months. How much will Ray have at the end of that time period?

Beth owes $38,000 in student loans. The interest rate on her loans is 8.25%. She will be paying these loans off for 20 years. How much will Beth pay altogether?

Suppose a bank is offering its customers 3% interest on savings accounts. If a customer deposits $1500 in the account, how much interest does the customer earn in 5 years?

Jamie wants to earn $500 in interest so shell have enough to buy a used car. She puts $2000 into an account that earns 2.5 % interest. How long will she need to leave her money in the account to earn $500 in interest?

A local bank is advertising that you can double your money in eight years if you invest with them. Suppose you have $1000 to invest. What interest rate is the bank offering?

Kelly plans to put her graduation money into an account and leave it there for 4 years while she goes to college. She receives $750 in graduation money that she puts it into an account that earns 4.25% interest. How much will be in Kellys account at the e nd of four years? A. B. C. D.
$127.50 $754.0425 $877.50 $1275

Randy wants to move his savings account to a new bank that pays a better interest rate of 3.5% so that he can earn $100 in interest faster than at his old bank. If he moves $800 to the new bank, how long will it take for him to earn the $100 in interest? A. B. C. D.
3.57 years 0.357 years 0.28 years 1.36 years