Worksheet: Simple Interest
In this worksheet, we will practice solving problems on simple interest.
Scarlett 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 Scarlett 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?
The formula represents the simple interest earned on an account, where an amount is deposited at an interest rate for a certain number of years. Use the table to order the accounts from least to greatest in terms of the interest earned after 2 years.
- AB, A, C
- BC, A, B
- CC, B, A
- DA, B, C
- EB, C, A
Jacob borrowed money at an interest rate of for 3 months to buy a used car. If the average cost of a used car is $4,100, determine, to the nearest cent, the total cost Jacob paid including the interest on the loan.
You invested in two accounts: in account A and in account B. Both accounts earn simple interest and, after one year, you have earned in interest. Given that account B earns half a percent less than twice the interest account A earns, what are the interest rates for your accounts?
- AAccount A: , account B:
- BAccount A: , account B:
- CAccount A: , account B:
- DAccount A: , account B:
At the beginning of a year, you invested $10 000 into two accounts, A and B, which receive simple interest and simple interest respectively. At the end of that year, you had $10 710 in your combined accounts. How much was invested in each account?
- Aaccount A: $8 000, account B: $2 000
- Baccount A: $5 000, account B: $5 000
- Caccount A: $3 000, account B: $7 000
- Daccount A: $7 000, account B: $3 000
One year ago, you invested $10 000 into two accounts that pay simple interest annually: account A, which pays interest, and account B, which pays interest. Given that, after one year, you earned $283.50 in interest, how much is there in each account now?
- Aaccount A: $2 000, account B: $8 000
- Baccount A: $7 165, account B: $2 835
- Caccount A: $6 700, account B: $3 300
- Daccount A: $3 300, account B: $6 700
Noah invested a total of into two bonds that both pay simple interest annually; one pays interest, and the other pays interest. After one year he earned $737.50 interest. How much was invested in each account?
- Athe account: , the account:
- Bthe account: , the account:
- Cthe account: , the account:
- Dthe account: , the account:
You invested in account 1, and in account 2, which both pay simple interest annually. If the total amount of interest after one year is , and account 2 has 1.5 times the interest rate of account 1, what are the interest rates?
- A for account 1, for account 2
- B for account 1, for account 2
- C for account 1, for account 2
- D for account 1, for account 2