Simple Interest (4B)

Convert 18 months to years. 

$$Convert\ from\ months\ to\ years\ =\frac{Number\ of\ Months}{12}$$  

Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?

Note: This will Principal + Interest

$$I=PRT$$  

Principal = $500 Interest rate =5% Time = 5 years What is the interest earned?

$$I=PRT$$  

Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?

$$I=PRT$$  

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

Kermit took out a 4 year loan for $5,500. He had to pay a total of $1,870 in interest payments. What rate did he pay for his loan?