Simple Interest Worksheet With Answers Cheap Sale | www.murter.hr - Free Printable
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Step-by-step solution for: Simple Interest Worksheet With Answers Cheap Sale | www.murter.hr
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Show Answer Key & Explanations
Step-by-step solution for: Simple Interest Worksheet With Answers Cheap Sale | www.murter.hr
Here are the step-by-step solutions for the problems on the worksheet.
The formula for simple interest is: Interest = Principal × Rate × Time
*(Note: If the time is in months, divide by 12 to get years).*
1) $450 at 7% for 2 years.
* Convert percentage to decimal: $0.07$
* Calculation: $450 \times 0.07 \times 2$
* $450 \times 0.07 = 31.5$
* $31.5 \times 2 = 63$
* Answer: $63
2) $5,200 at 4% for 3 years.
* Convert percentage to decimal: $0.04$
* Calculation: $5,200 \times 0.04 \times 3$
* $5,200 \times 0.04 = 208$
* $208 \times 3 = 624$
* Answer: $624
3) $1,300 at 5% for 6 years.
* Convert percentage to decimal: $0.05$
* Calculation: $1,300 \times 0.05 \times 6$
* $1,300 \times 0.05 = 65$
* $65 \times 6 = 390$
* Answer: $390
4) $5,400 at 3.5% for 6 months.
* Convert percentage to decimal: $0.035$
* Convert time to years: $6 \div 12 = 0.5$ years
* Calculation: $5,400 \times 0.035 \times 0.5$
* $5,400 \times 0.035 = 189$
* $189 \times 0.5 = 94.5$
* Answer: $94.50
5) $600 at 4% for 9 months.
* Convert percentage to decimal: $0.04$
* Convert time to years: $9 \div 12 = 0.75$ years
* Calculation: $600 \times 0.04 \times 0.75$
* $600 \times 0.04 = 24$
* $24 \times 0.75 = 18$
* Answer: $18
6) $24,000 at 5.5% for 5 years.
* Convert percentage to decimal: $0.055$
* Calculation: $24,000 \times 0.055 \times 5$
* $24,000 \times 0.055 = 1,320$
* $1,320 \times 5 = 6,600$
* Answer: $6,600
7) $15,600 at 3% for 2 years.
* Convert percentage to decimal: $0.03$
* Calculation: $15,600 \times 0.03 \times 2$
* $15,600 \times 0.03 = 468$
* $468 \times 2 = 936$
* Answer: $936
8) $1,200 at 5.5% for 4 years.
* Convert percentage to decimal: $0.055$
* Calculation: $1,200 \times 0.055 \times 4$
* $1,200 \times 0.055 = 66$
* $66 \times 4 = 264$
* Answer: $264
9) $1,600 at 4.5% for 9 months.
* Convert percentage to decimal: $0.045$
* Convert time to years: $9 \div 12 = 0.75$ years
* Calculation: $1,600 \times 0.045 \times 0.75$
* $1,600 \times 0.045 = 72$
* $72 \times 0.75 = 54$
* Answer: $54
10) $12,000 at 2.2% for 5 years.
* Convert percentage to decimal: $0.022$
* Calculation: $12,000 \times 0.022 \times 5$
* $12,000 \times 0.022 = 264$
* $264 \times 5 = 1,320$
* Answer: $1,320
---
11) A new car, valued at $28,000, depreciates at 9% per year. What is the value of the car one year after purchase?
* First, find the amount of depreciation (loss in value): $28,000 \times 0.09 = 2,520$.
* Subtract that loss from the original price: $28,000 - 2,520 = 25,480$.
* Answer: $25,480
12) Sara puts $4,000 into an investment yielding 5% annual simple interest; she left the money in for five years. How much interest does Sara get at the end of those five years?
* Formula: $I = P \times r \times t$
* Calculation: $4,000 \times 0.05 \times 5$
* $4,000 \times 0.05 = 200$
* $200 \times 5 = 1,000$
* Answer: $1,000
13) A bank is offering 3.5% simple interest on a savings account. If you deposit $7,500, how much interest will you earn in two years?
* Formula: $I = P \times r \times t$
* Calculation: $7,500 \times 0.035 \times 2$
* $7,500 \times 0.035 = 262.5$
* $262.5 \times 2 = 525$
* Answer: $525
14) $400 interest is earned on a principal of $2,000 at a simple interest rate of 5% interest per year. For how many years was the principal invested?
* We need to solve for Time ($t$). The formula is $t = I / (P \times r)$.
* Plug in the numbers: $t = 400 / (2,000 \times 0.05)$
* Denominator: $2,000 \times 0.05 = 100$
* Division: $400 / 100 = 4$
* Answer: 4 years
15) In how many years will $1,200 yield an interest of $180 at 3% simple interest?
* Solve for Time ($t$): $t = I / (P \times r)$
* Plug in the numbers: $t = 180 / (1,200 \times 0.03)$
* Denominator: $1,200 \times 0.03 = 36$
* Division: $180 / 36 = 5$
* Answer: 5 years
16) Jim invested $4,000 in a bond at a yearly rate of 4.5%. He earned $540 in interest. How long was the money invested?
* Solve for Time ($t$): $t = I / (P \times r)$
* Plug in the numbers: $t = 540 / (4,000 \times 0.045)$
* Denominator: $4,000 \times 0.045 = 180$
* Division: $540 / 180 = 3$
* Answer: 3 years
Final Answer:
1) $63
2) $624
3) $390
4) $94.50
5) $18
6) $6,600
7) $936
8) $264
9) $54
10) $1,320
11) $25,480
12) $1,000
13) $525
14) 4 years
15) 5 years
16) 3 years
Part 1: Determine the simple interest for these loans
The formula for simple interest is: Interest = Principal × Rate × Time
*(Note: If the time is in months, divide by 12 to get years).*
1) $450 at 7% for 2 years.
* Convert percentage to decimal: $0.07$
* Calculation: $450 \times 0.07 \times 2$
* $450 \times 0.07 = 31.5$
* $31.5 \times 2 = 63$
* Answer: $63
2) $5,200 at 4% for 3 years.
* Convert percentage to decimal: $0.04$
* Calculation: $5,200 \times 0.04 \times 3$
* $5,200 \times 0.04 = 208$
* $208 \times 3 = 624$
* Answer: $624
3) $1,300 at 5% for 6 years.
* Convert percentage to decimal: $0.05$
* Calculation: $1,300 \times 0.05 \times 6$
* $1,300 \times 0.05 = 65$
* $65 \times 6 = 390$
* Answer: $390
4) $5,400 at 3.5% for 6 months.
* Convert percentage to decimal: $0.035$
* Convert time to years: $6 \div 12 = 0.5$ years
* Calculation: $5,400 \times 0.035 \times 0.5$
* $5,400 \times 0.035 = 189$
* $189 \times 0.5 = 94.5$
* Answer: $94.50
5) $600 at 4% for 9 months.
* Convert percentage to decimal: $0.04$
* Convert time to years: $9 \div 12 = 0.75$ years
* Calculation: $600 \times 0.04 \times 0.75$
* $600 \times 0.04 = 24$
* $24 \times 0.75 = 18$
* Answer: $18
6) $24,000 at 5.5% for 5 years.
* Convert percentage to decimal: $0.055$
* Calculation: $24,000 \times 0.055 \times 5$
* $24,000 \times 0.055 = 1,320$
* $1,320 \times 5 = 6,600$
* Answer: $6,600
7) $15,600 at 3% for 2 years.
* Convert percentage to decimal: $0.03$
* Calculation: $15,600 \times 0.03 \times 2$
* $15,600 \times 0.03 = 468$
* $468 \times 2 = 936$
* Answer: $936
8) $1,200 at 5.5% for 4 years.
* Convert percentage to decimal: $0.055$
* Calculation: $1,200 \times 0.055 \times 4$
* $1,200 \times 0.055 = 66$
* $66 \times 4 = 264$
* Answer: $264
9) $1,600 at 4.5% for 9 months.
* Convert percentage to decimal: $0.045$
* Convert time to years: $9 \div 12 = 0.75$ years
* Calculation: $1,600 \times 0.045 \times 0.75$
* $1,600 \times 0.045 = 72$
* $72 \times 0.75 = 54$
* Answer: $54
10) $12,000 at 2.2% for 5 years.
* Convert percentage to decimal: $0.022$
* Calculation: $12,000 \times 0.022 \times 5$
* $12,000 \times 0.022 = 264$
* $264 \times 5 = 1,320$
* Answer: $1,320
---
Part 2: Solve each simple interest word problem
11) A new car, valued at $28,000, depreciates at 9% per year. What is the value of the car one year after purchase?
* First, find the amount of depreciation (loss in value): $28,000 \times 0.09 = 2,520$.
* Subtract that loss from the original price: $28,000 - 2,520 = 25,480$.
* Answer: $25,480
12) Sara puts $4,000 into an investment yielding 5% annual simple interest; she left the money in for five years. How much interest does Sara get at the end of those five years?
* Formula: $I = P \times r \times t$
* Calculation: $4,000 \times 0.05 \times 5$
* $4,000 \times 0.05 = 200$
* $200 \times 5 = 1,000$
* Answer: $1,000
13) A bank is offering 3.5% simple interest on a savings account. If you deposit $7,500, how much interest will you earn in two years?
* Formula: $I = P \times r \times t$
* Calculation: $7,500 \times 0.035 \times 2$
* $7,500 \times 0.035 = 262.5$
* $262.5 \times 2 = 525$
* Answer: $525
14) $400 interest is earned on a principal of $2,000 at a simple interest rate of 5% interest per year. For how many years was the principal invested?
* We need to solve for Time ($t$). The formula is $t = I / (P \times r)$.
* Plug in the numbers: $t = 400 / (2,000 \times 0.05)$
* Denominator: $2,000 \times 0.05 = 100$
* Division: $400 / 100 = 4$
* Answer: 4 years
15) In how many years will $1,200 yield an interest of $180 at 3% simple interest?
* Solve for Time ($t$): $t = I / (P \times r)$
* Plug in the numbers: $t = 180 / (1,200 \times 0.03)$
* Denominator: $1,200 \times 0.03 = 36$
* Division: $180 / 36 = 5$
* Answer: 5 years
16) Jim invested $4,000 in a bond at a yearly rate of 4.5%. He earned $540 in interest. How long was the money invested?
* Solve for Time ($t$): $t = I / (P \times r)$
* Plug in the numbers: $t = 540 / (4,000 \times 0.045)$
* Denominator: $4,000 \times 0.045 = 180$
* Division: $540 / 180 = 3$
* Answer: 3 years
Final Answer:
1) $63
2) $624
3) $390
4) $94.50
5) $18
6) $6,600
7) $936
8) $264
9) $54
10) $1,320
11) $25,480
12) $1,000
13) $525
14) 4 years
15) 5 years
16) 3 years
Parent Tip: Review the logic above to help your child master the concept of simple interest worksheet.
