Simple Interest Word Problems worksheet for students to practice calculating interest using the formula i = prt.

Let me solve each problem step by step using the simple interest formula: i = prt

Problem 1: Patty has $90, earns 4% simple interest for 1 year.
- p = $90, r = 0.04, t = 1
- i = 90 × 0.04 × 1 = $3.60

Problem 2: Ed opened account 5 years ago with $600, earns 3% simple interest.
- p = $600, r = 0.03, t = 5
- i = 600 × 0.03 × 5 = $90

Problem 3: Max has $1,500, earns 5% simple interest for 3 years.
- p = $1,500, r = 0.05, t = 3
- i = 1500 × 0.05 × 3 = $225

Problem 4: Gia put $2,650 six years ago, earns 8% simple interest. How much is in the account NOW?
- First find interest: p = $2,650, r = 0.08, t = 6
- i = 2650 × 0.08 × 6 = $1,272
- Total in account = principal + interest = 2650 + 1272 = $3,922

Problem 5: Francesca has $15,000, earns 7.5% simple interest for 4 years. How much will be in the account?
- p = $15,000, r = 0.075, t = 4
- i = 15000 × 0.075 × 4 = $4,500
- Total = 15000 + 4500 = $19,500

Problem 6: Rafi has $47,000, earns 9.2% simple interest for 7 years. How much will be in the account?
- p = $47,000, r = 0.092, t = 7
- i = 47000 × 0.092 × 7 = 47000 × 0.644 = $30,268
- Let me verify: 47000 × 0.092 = 4324; 4324 × 7 = 30,268
- Total = 47000 + 30268 = $77,268

Let me double-check all calculations:

1. 90 × 0.04 × 1 = 3.60 ✓
2. 600 × 0.03 × 5 = 90 ✓
3. 1500 × 0.05 × 3 = 225 ✓
4. 2650 × 0.08 × 6 = 2650 × 0.48 = 1272; Total = 2650 + 1272 = 3922 ✓
5. 15000 × 0.075 × 4 = 15000 × 0.30 = 4500; Total = 15000 + 4500 = 19500 ✓
6. 47000 × 0.092 × 7 = 47000 × 0.644 = 30268; Total = 47000 + 30268 = 77268 ✓

All calculations verified.

Final Answer:
1. $3.60
2. $90
3. $225
4. $3,922
5. $19,500
6. $77,268