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Yr 9 Simple Interest

Total questions: 24

Worksheet time: 59mins

Name
Class
Date
1.

The simple interest formula is I=Pin. The P represents the principal. The principal is ___________________.

a)

the amount of money borrowed or deposited

b)

the percent interest for his year

c)

the amount taxed

d)

the amount the bank owes you for being a customer at their bank

2.

The simple interest formula is I=Pin. What does the n represent?

a)

Principle

b)

Interest

c)

Time - number of years

d)

Percent Rate

3.
Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?
a)
$7.50
b)
$26.25
c)
$87.5
d)
$262.50
4.
Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?
a)
$150
b)
$192
c)
$1350
d)
$1392
5.

Ann puts $300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?

a)

$4

b)

$8

c)

$12

d)

$16

6.

Principal = $800

Interest Rate = 3.5%

Time = 6 months

Find the interest earned.

a)

$14

b)

$140

c)

$168

d)

$16.80

7.
Sam borrowed $4,500 for 2 years and had to pay $630 simple interest at the end of that time. What rate of interest did he pay?
a)
6%
b)
7%
c)
8%
d)
9%
8.
You lend $240 to your friend.  He pays you back $270.  What interest rate did you charge your friend?
a)
88%
b)
20%
c)
12.5%
d)
10%
9.

Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6,500 to purchase. The bank said that she could get a simple interest rate of 8% for 5 years. What is the total amount that Beyonce will pay for the chair?

a)

$2600

b)

$7020

c)

$9100

d)

$9400

10.
Write the percent as a decimal. 
4.3%
a)
4.3
b)
.43
c)
.043
d)
4300
11.

 Write the percent as a decimal.  3 14%Write\ the\ percent\ as\ a\ decimal.\ \ 3\ \frac{1}{4}\% 

a)

0.0325

b)

0.325

c)

0.034

d)

0.34

12.
True of False:  Before you can calculate INTEREST your time must be in MONTHS!
a)
FALSE
b)
TRUE
13.

9 months is how many years?

a)

.5

b)

.75

c)

.25

14.

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

a)

$120

b)

$144

c)

$1,200

d)

$1,440

15.

How much simple interest would be earned on a savings account of $4,500 at 5.5% interest per year after 24 months?

a)

$594

b)

$495

c)

$4950

d)

$5940

16.

How much simple interest would be earned on a savings account of $8,000 at 4% interest per year after 36 months?

a)

$960

b)

$115,200

c)

$9,600

d)

$1,152,000

17.

You invest $500 at 4% rate and receive $60 in simple interest. How many years was it invested for?

a)

1 year

b)

2 years

c)

3 years

d)

4 years

18.
Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% in simple interest. What will be his balance after 15 years?
a)
$270.75
b)
$745.75
c)
$2,707.50
d)
$846.80
19.
Anna invested $2,500 at an annual rate of 5%.  How long will it take until Anna earns $1,125 in interest?
a)
5 years
b)
8 years
c)
10 years
d)
9 years
20.
Jack deposited $1,400 in his bank account.  After 3 years, the account earned $294 in interest.  Find the simple interest rate.
a)
5%
b)
8%
c)
7.25%
d)
7%
21.
If the time is given in months, you must first _____________ by 12.
a)
add
b)
subtract
c)
multiply
d)
divide
22.
Mr. Peterson paid $1,020 in interest for a loan, which was given to him at a rate of 5% for 3 years.  How much money did he borrow originally?
a)
$5,400
b)
$6,800
c)
$3,240
d)
$14,620
23.

Ashleigh bought a $700 fridge and arranged a loan for the full amount at 15% flat(simple) rate interest over 2 years. If Ashleigh made monthly payments for the fridge, how much was each payment?

a)

$37

b)

$37.92

c)

$39.72

d)

$40

24.

Susan wants to buy a new $3700 computer system. She has a $500 deposit and can arrange finance at a simple rate of 16% over 3 years. what are the monthly repayments?

a)

$42.67

b)

$45

c)

$174

d)

$174.22

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