Simple interest Quiz Welcome to your Simple interest Quiz Please click "Next" Determine the amount Using a simple interest formula, A = P(1+rt), determine the final amount, if $300 were invested for 5 years at 2% interest rate. = final amount = initial principal balance = annual interest rate (as a decimal) = time (in years) $330 $3300 $30 Determine the amount Using a simple interest formula, A = P(1+rt), determine the final amount, if $1000 were invested for 3 years at 1.5% interest rate. = final amount = initial principal balance = annual interest rate (as a decimal) = time (in years) $1.045 $1045 $45 Determine the amount Using a simple interest formula, A = P(1+rt), determine the final amount, if $2345 were invested for 5 years at 1.1% interest rate. = final amount = initial principal balance = annual interest rate (as a decimal) = time (in years) $1.975 $2,744,000 $2,474 Determine the amount Using a simple interest formula, A = P(1+rt), determine the amount of interest earned, if $1000 were invested for 2 years at 2.5% interest rate. = final amount = initial principal balance = annual interest rate (as a decimal) = time (in years) $1050 $50 $1000 Determine the amount Using a simple interest formula, A = P(1+rt), determine the amount of interest earned, if $5600 were invested for 2 years at 1.8% interest rate. = final amount = initial principal balance = annual interest rate (as a decimal) = time (in years) $201.60 $5801.60 $5600 Time is Up! Time's up