Calculate the Simple Interest for the Following Word Problems:
1. How much interest does a $318 investment earn at 9% over one year?
2. If you borrow $675 for six years at an interest rate of 10%, how much interest will you pay?
3. If you borrow $421 for nine years at an interest rate of 4%, how much interest will you pay?
4. If the balance at the end of eight years on an investment of $630 that has been invested at a rate of 9% is $1,083.60, how much was the interest?
5. If you borrow $225 for eight years at an interest rate of 6%, how much interest will you pay?
6. If the balance at the end of eight years on an investment of $230 that has been invested at a rate of 3% is $285.20, how much was the interest
7. How much interest does a $407 investment earn at 6% over seven years?
8. If you borrow $491 for one year at an interest rate of 3%, how much interest will you pay?
9. How much interest is earned on a principal of $646 invested at an interest rate of 5% for two years?
10. How much interest is earned on $470 at 4% for seven years?
You'll find the simple interest formula here.
