- 1. Mary invests $1,000 at an annual interest rate of 5%. Calculate the simple interest after 3 years.
- 2. James borrows $2,500 at a simple interest rate of 6% per annum. How much interest will he pay after 2.5 years?
- 3. If you deposit $1800 in a savings account with an annual interest rate of 3.5%, how much interest will you earn after 4 years?
- 4. Tom takes a loan of $8,000 at a simple interest rate of 8% for 3 years. Calculate the total amount he needs to repay
- 5. Alex borrowed a sum of money at an annual interest rate of 4%. After 4 years, he repaid $3,600 in total. Calculate the original loan amount.
- 6. A savings account with a principal of $10,000 earned $1,200 in simple interest after a certain period. If the annual interest rate was 4%, calculate the time the money was invested.
- 7. Alex takes a loan of $10,500 at an annual interest rate of 8.5%.
Calculate the interest he earns each year.
- 8. Emily borrows $5,000 at an interest rate of 9% for 2 years.
How much is her total repayment?
- 9. Sarah took a loan of $5,000 and repaid a total of $6,200 after 2 years. If the loan was at a simple interest rate, calculate the annual interest rate.
- 10. Emma borrows $9,000 at a simple interest rate of 7% per annum. If she keeps the loan for 10 months, how much interest will she pay?
- 11. Michael invests $7,000 in a fixed deposit with an annual interest rate of 4.5%. After 5 months, withdraws the money.
How much interest had the investment earned?
- 12. Nicole deposits $2,000 in a savings account with an annual interest rate of 3%. After 9 months, she decides to close the account.
Calculate the total amount she receives.
- 13. Lisa invested a certain amount of money at an annual interest rate of 6%, and after 3 years, she received $720 as simple interest. Calculate the initial amount she invested.
- 14. Choose the word to complete the sentence: When investing money you can compare banks to find the ...... interest rate so you get the most interest.
A) Lowest
B) Highest
- 15. Choose the correct formula to calculate Simple Interest
A) R = PTI
B) P = IRT
C) I = PRT
D) T = PRI
- 16. Abdul invest $5000 for 4 years at 6% pa. His total interest in 4 years is $1200.
What is the value of his investment at the end of the term?
- 17. Khaled invested $2000 and received a total of $2550 at the end of the term. How much interest did he earn?
- 18. Kylie invested $1000 at 5% pa and received $200 interest.
Find the length of the investment in years.
- 19. Amy borrows $8,400 and repays the loan 6 years later, the loan had earned $2520 in simple interest.
Calculate the interest rate for the loan.
- 20. A sum of $10,000 is invested at a simple interest rate of 6%. If the interest earned is $900, calculate the time the money was invested.
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