Lesson Worksheet: Simple Interest Mathematics • 7th Grade
In this worksheet, we will practice solving 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?
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.