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Simple Interest Extra Practice

This document provides a simple interest worksheet with 9 practice problems calculating interest earned on investments and loans over various time periods at given interest rates. It includes the formula for simple interest and examples of rearranging the formula to find the time, interest rate, or principal. The problems calculate interest earned or accrued on investments and loans ranging from $2000 to $130,000 over periods from 3 to 20 years at interest rates from 3% to 8%.

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Karlo M Sityar
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© © All Rights Reserved
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500 views2 pages

Simple Interest Extra Practice

This document provides a simple interest worksheet with 9 practice problems calculating interest earned on investments and loans over various time periods at given interest rates. It includes the formula for simple interest and examples of rearranging the formula to find the time, interest rate, or principal. The problems calculate interest earned or accrued on investments and loans ranging from $2000 to $130,000 over periods from 3 to 20 years at interest rates from 3% to 8%.

Uploaded by

Karlo M Sityar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Simple Interest Worksheet

1) a) The formula for simple interest is: _____________
b) Rearrange this formula to find: 
i) Time: ii) The interest rate: iii) The Principal:

2) If Michael invests $2000 in the bank at a rate of 5.5% for 6 years how much 
interest will he make?

3) Kelsey takes out a loan for $6000 to start a business after high school.  The bank 
charges her 8% interest for the loan.  After 5 years how much interest will be added 
on to the loan?

4) Jessie invests $3345 in the stock market.  Over the 3 years she has this invested 
she gets an average return of 7.8%.  How much will her investment be worth after the 
3 years?
5) Scott takes gets a student loan to go to college after high school.  If he pays $750 
in interest at a rate of 3%, how much must the loan have been for originally?

6) Taylor has just won $4,250 from the 50/50 at the Sea Dog's game and decides to 
invest all of it.  If he makes $1275 with a 5% interest rate, how long must he have 
had the money invested?

7) At what rate would you need to invest $12000 and make $2880 after 8 years?

8) What will the total value of an investment of $5000 be if it has an interest rate of 
7% and is invested for 20 years?

9) Morgan has an investment worth $130,000 dollars after 20 years.  If his original 
investment was for $50,000 what must the interest rate have been?

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