Lesson Worksheet: Simple Interest Mathematics • 7th Grade

In this worksheet, we will practice solving problems on simple interest.

Q1:

Sophia invests £1,000 into an Individual Savings Account at the beginning of the year. An interest rate of 2.5% 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?

Q2:

Daniel and Ethan work at two different companies. Daniel is paid £28,000 in the first year and gets a 3% pay increase each year. Ethan is paid £30,000 in the first year and gets an increase of £1,250 every two years. Who is paid the most in the tenth year?

  • ADaniel
  • BEthan

Q3:

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.

Q4:

A woman opened a bank account that offered 20.7% interest per year. Given that she kept 6,000 LE in the account for a year, find the total amount she has after the interest is added.

Q5:

The formula 𝐼=𝑝𝑟𝑡 represents the simple interest 𝐼 earned on an account, where an amount 𝑝 is deposited at an interest rate 𝑟 for a certain number of years𝑡. Use the table to order the accounts from least to greatest in terms of the interest earned after 2 years.

Account𝑝($)𝑟(%)
A3904
B4903
C9404.75
  • AB, A, C
  • BC, A, B
  • CC, B, A
  • DA, B, C
  • EB, C, A

Q6:

Ethan deposited $500 in his new bank account at a simple interest rate of 5.68%. If he made no further deposits or withdrawals, how much money will be in his account after 212 years?

Q7:

Find the simple interest earned in a savings account given that $552 is deposited for 7 months with an interest rate of 16.5% per year.

Q8:

Liam had $820,000. He paid $250,000 in taxes and invested the rest in a savings account with a 4.95% simple interest. Determine the amount of money in Liam’s account if he makes no deposits or withdrawals for 2 years.

Q9:

Jacob borrowed money at an interest rate of 18% 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.

Q10:

If Jennifer invested $4,500 in a certificate of deposit for 5 years and earned $765, determine the rate of interest.

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