Simple Interest Answers

Juanita borrowed $600 to purchase a new computer. She was charged 7% interest for two years.The amount of money Juanita borrowed is called the initial amount✔ principalX account balanceinvestment.

Juanita borrowed $600 to purchase a new computer. She was charged 7% interest for two years. How much interest will Juanita pay?Juanita will pay $ interest.

What error did Juanita make and how will her error affect the interest she calculates? Explain.

$79.73$797.30$7,973$79,730

Donna put $450 into a 6-month certificate of deposit that earns 4.6% simple annual interest. How much interest did the certificate earn?$

Michelle wants to borrow $4,500. Bank A will lend Michelle the money at a simple annual interest rate of 9% for 6 years. Bank B will lend her the money at 11% for 4 years. Which bank would charge Michelle the least amount of interest? Explain.

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On January 1st, 2003, Gerry opened a savings account that paid 3.25% annual interest. His initial deposit was $1,100. If Gerry didn’t deposit or withdraw any additional money, what was his balance at the close of December 31st, 2012?(Hint: determine how many years the savings account was open for.)$1,064.25X $1,421.75✔ $1,457.50$1,621.25

One year ago, Lindsey deposited $250 into a savings account. Her balance is now $253. Two years ago, Jenn deposited $250 into a savings account. Her balance is now $257.50. Which account has the greater simple interest rate? Explain.