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WorksheetsSimple Interest
Total questions: 30
Worksheet time: 15mins
To the nearest dollar, how much money would have to be invested from June 4 until December 22 at 13%, in order to earn $750 in interest?
$12,840
$5,769
$2,186
$10,476
$5,151
At what simple annual interest rate would $835 grow to $900 in 5 months?
16.7%
4.5%
7.8%
18.7%
17.3%
At what simple annual interest rate would $1,896 grow to $2000 in 300 days?
6.7%
8.5%
7.8%
5.5%
6.3%
An investment of $19,250 grew to $20,000 between March 26 and October 10. What simple annual interest rate did the investment earn?
3.9%
8.5%
6.9%
5.5%
7.2%
How many months would it take for $3,500 to grow to $4,000 at 15%?
9.5
11.4
348
10
6.6
To the nearest day, how many days would it take for $9,500 to grow to $10,000 at 7%?
75
188
261
365
274
How long will it take to earn $542.40 interest on an investment of $6,400 at 11.3%?
7.5 months
8.0 months
8.5 months
9.0 months
9.5 months
What simple annual interest rate would you need to earn $2,000 interest in 147 days on an investment of $49,000?
19.33%
40.82%
10.13%
21.44%
7.85%
If $59,200 grows to $60,000 in 41 days what simple annual interest rate was earned?
12.03%
11.87%
13.51%
17.48%
10.16%
Calculate the amount of money that would have to be invested at 8.5% to earn monthly interest of $3,000? Round to the nearest dollar.
$255,000
$352,941
$355,491
$423,529
$521.449
How much interest would one earn over 200 days on an investment of $95,000 at an interest rate of 14%? Round to the nearest dollar.
$1,023
$5,889
$7,021
$7,288
$13,300
To the nearest day, how long will it take for an investment of $9,000 at 3.75% to earn interest of $250
74 days
163 days
218 days
270 days
741 days
On March 14 Lisa invested in a 200-day term deposit. On what date will it mature?
January 16
March 23
August 24
September 30
November 7
Morton purchased a 165-day Guaranteed Investment Certificate on October 11. On what date will it mature? (Assume the relevant February has 28 days)
January 11 of the following year.
March 25 of the following year.
May 5 of the following year.
July 3 of the following year.
October 11 of the following year.
What was the simple interest rate if an investment of $35,000 earned interest of $250 between April 4 and May 23?
2.66%
5.32%
7.14%
8.00%
9.89%
How much interest was paid on a $900 payday loan for five months at an annual interest rate of 6.9%?
$25.88
$24.97
$26.55
$23.42
$22.93
Jeannette loaned $1000 to a friend for college textbooks. If her friend paid her back in eight months and paid interest at a rate of 4.4%, how much interest did Jeannette receive?
$30.22
$29.33
$28.99
$27.33
$24.56
A $10,000 investment earned a dividend of 0.5% per month simple interest for six-months. What total amount of interest was earned?
$290
$280
$300
$310
$315
Potter loaned his brother $2,500 to purchase a used car. If Potter's brother paid a simple interest rate of 0.2% per month. What was the term of the loan if the total interest came to $45?
7 months
6 months
11 months
13 months
9 months
Ocean Salmon Farms paid interest charges of $307.73 on a $10,257.62 invoice that was three months overdue. What monthly rate of simple interest was she charged?
1% per month
2% per month
6% per annum
8% per annum
3% per month
An eighteen-month GIC of $1,000 at Western Bank earned $45 in interest. What annual rate of simple interest did the deposit earn?
2.0%
3.0%
2.1%
3.5%
4.0%
How much money must be placed in a nine-month high-interest savings account earning 2.5% simple interest in order to earn $93.75 interest?
$4,700
$3,500
$5,000
$4,500
$6,000
The interest owed on a loan after fourteen months was $302.40. If the simple interest rate charged on the loan was 0.9% per month, what was the amount borrowed?
$2,000
$2,200
$3,000
$2,400
$3,600
An invoice states that interest will be charged on overdue accounts at the rate of 1.25% per month. What will the interest charges be on a $10,612.50 billing that is three months overdue?
$401.83
$399.97
$389.99
$402.84
$397.97
You invest $1,000 in the Canadian Small Cap Index Fund. After six months your balance in the account is $1,045. What annual rate of simple interest was earned?
9%
11%
8%
7%
12%
Your investment of $5,000 grew to $5,200, which included a simple interest rate of 12%. How many months did you hold this investment?
3 months
2 months
6 months
4 months
8 months
Your college will charge you a late fee of $25 if you pay your tuition one month late. If your tuition fees are $4,500, what simple interest rate is the college charging?
6.67%
7.12%
8.96%
5.58%
4.99%
A $200 loan at 4.5% was advanced on August 17, 2019. How much interest was due when the loan was repaid on September 1, 2019?
$.42
$.57
$.86
$.37
$1.02
An invoice for $850 dated February 17, 2019, was repaid with interest at an annual rate of 2.3% on July 1, 2019. What was total amount paid back?
$847.52
$857.18
$912.62
$845.52
$855.00
Apple Orchards was charged $186.41 interest on an overdue invoice for the period August 2 to November 18. If the rate of interest on the invoice is 12% per annum, what was the outstanding principal balance on the loan during the period?
$5,300
$5,250
$5,400
$5,350
$5,500
