1. Craig borrowed $1,200 from his parents to buy a stereo. His parents charged him 5% simple interest for 3 years. How much interest did he pay his parents?
2. Raul invested $7,000 in a savings account that earned 11% simple interest. If he kept the
money in the account for 8 years, how much interest did he earn?
3. Bridgette borrowed $15,000 to buy a car. The bank charged 13% simple interest for 5 years.
How much interest did she pay the bank?
4. A tax accountant invested $35,000 in a money market account for 2 years. The account earned
12% simple interest. How much interest did the actountant make on his investment?
5. Linda Kay started a savings account for her nephew with $3,000. The account earned 5%
simple interest. How much interest did the account accumulate in 4 months?
6. Renada bought a living room set on credit. The set sold for $1,700, and the store charged her
8% simple interest for three months. How much interest did she pay?
7. Duane took out a $2,450 loan at 7% simple interest for 2 years. How much interest did he pay
for borrowing the $2,450?