8
QuizMultiple Choice

Simple Interest — Unit test

Question 8 • MO-Mathematics 7

Jon invests $4,100 into an account that pays 5 percent simple interest each year. What is the total balance in the account after 3 years?

Answer
A
$615.00
B
$3,485.00
C
$4,305.00
D
$4,715.00

Explanation

Simple interest is calculated as principal × rate × time: $4,100 × 0.05 × 3 = $615 in interest. Add the interest to the original $4,100, giving a total balance of $4,715, choice D.

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