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Simple Interest

What is the simple interest on a loan of $15,000 borrowed at a rate of 10% for two years?

$300

$3,000

$1,500

$2,000

A bank is offering loans at an interest rate of 5% per year. John, a local farmer, decides to take a loan of $5,000 and agrees to pay the loan within 2 years.How much interest will John pay when repaying the bank?

What does the "P" in the simple interest stands for?

Prices

Plot

Principal

Purchase

If Mary borrowed $10,000 from the People's Bank, at a rate of 10% and had to pay back an interest of $2,000 how much time (years) did it took Mary to repay the loan?

What does the "R" in the simple interest formula mean?

Rise

Route

Root

Rate

If it took Thomas 5 years to pay a loan of $2,000 with an interest of $4,000;what was the rate of interest that Tom agreed to?

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