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Simple Interest Homework

Carolyn invested $700 for 3 years at 2% interest per year. She earned $42 in total interest. Nina invested $1500 for 4 years at 2.5% interest per year. She had $1620 in her account after 4 years. To increase $6000 to $7000 in 3 years requires an annual interest rate of 5%.

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70 views1 page

Simple Interest Homework

Carolyn invested $700 for 3 years at 2% interest per year. She earned $42 in total interest. Nina invested $1500 for 4 years at 2.5% interest per year. She had $1620 in her account after 4 years. To increase $6000 to $7000 in 3 years requires an annual interest rate of 5%.

Uploaded by

melissa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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SIMPLE INTEREST HOMEWORK

1. Carolyn invested $700 for 3 years at 2% per annum simple interest. Work out the total amount of
interest Carolyn earned.

2. Nina invested $1500 for 4 years at 2.5% per annum simple interest. Work out the total amount of
money in the account at the end of 4 years.

3. What rate of simple interest is needed for $6000 to increase to $7000 in 3 years?

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