Lesson: Simple Interest Mathematics • 7th Grade
In this lesson, we will learn how to solve problems on simple interest.
Sophia invests into an Individual Savings Account at the beginning of the year. An interest rate of is paid monthly on the balance in the account. How much money does Sophia have in her Individual Savings Account at the end of the year if no other deposits or withdrawals are made and the interest rate stays constant?
Daniel and Ethan work at two different companies. Daniel is paid in the first year and gets a pay increase each year. Ethan is paid in the first year and gets an increase of every two years. Who is paid the most in the tenth year?
Liam deposited $2,420 in a savings account, and it earned $363.00 in simple interest after 5 years. Find the interest rate on Liam’s savings account.