In this exercise students will answer 10 word problems about calculating interest. I prt 5 000 11 90 360 137 50 b.
Simple interest word problem worksheets.
Simple interest worksheet doc. Calculate interest on a 90 day 5 000 loan at 11 using a a 360 day year and b a 365 day year. I nterest p rincipal x r ate x t ime. 10 6 practice compound interest solve 1 find each of the following.
I prt 5 000 11 90 365 135 62 unit 8 1 computing simple interest and maturity value 155 c computing simple interest loans stated in days example 5 as you can see from example 5 a 360 day year benefits. Simple interest worksheet 1 a the formula for simple interest is. Students use simple annual interest to solve word problems.
Simple interest worksheet 02. This is the formula to express simple interest. The interest i is the dollar amount earned or owed.
Each worksheet comes with a printable answer page. The principal p is the amount borrowed or deposited. Each worksheet has 10 simple interest word problems.
Simple interest worksheet 06. Simple interest worksheet 04. 405 00 if you borrow 675 for six years at an interest rate of 10 how much interest will you pay.
Use the formula i p r t and round your answers to the nearest cent or the nearest tenth of a percent. Simple interest worksheet 05. Grade 7 and 8 math worksheets with answers.
S900 invested at 6 compounded. Simple interest worksheet no. Simple interest worksheet 03.
I 1b. Ii the interest rate. S1500 invested at 4 compounded semiannually for 7 years.
Students calculate interest based on principal rate and time. Use four decimal places for fractions of time. S750 invested at 3 compounded annually for 8 years.
3 kelsey takes out a loan for 6000 to start a business after high school. S500 invested at 4 compounded annually for 10 years. B rearrange this formula to find.
There are three questions at the beginning specifying simple interest to remind students that there is a difference between simple growth and compound growth but the bulk of the worksheet asks students to practice compounding interest over a specified number of time periods and to apply reasoning to reverse the compounded growth in order to find the original amount. The interest rate r is per year t unless otherwise noted. S600 invested at 6 compounded annually for 6 years.
Simple interest worksheet 07. If the time is in months t can be found using the ratio 12 number of months. Calculate the following simple interest problems.
These simple interest worksheets are printable. 28 62 how much interest does a 318 investment earn at 9 over one year. These exercises will help homeschoolers learn how to calculate the rate of return on investments and illustrate how interest can accrue over time.
Calculate the simple interest for the word problems. Students will answer such questions as. 2 if michael invests 2000 in the bank at a rate of 5 5 for 6 years how much interest will he make.
Simple interest worksheet 01. Write your answers in the space provided. Practice questions covering a range of problems mainly involving compound growth.
151 56 if you borrow 421 for nine years at an interest rate of 4 how much interest will you pay.