Simple Interest math worksheet for students to practice calculating interest.

Let’s solve each part step by step.

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Part 1(a): $500 for 2 years at 4% p.a.

We need to find the simple interest.

Simple Interest Formula:
Interest = Principal × Rate × Time

But note: Rate is given as a percentage, so we must convert it to decimal form.
4% = 4 ÷ 100 = 0.04

So:

P = $500
R = 0.04 (or 4%, but in formula we use decimal)
Time = 2 years

Formula:
Interest = P × R × T
→ Interest = 500 × 0.04 × 2

Calculate step by step:
500 × 0.04 = 20
20 × 2 = 40

So Interest = $40.00 (already to 2 decimal places)

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Part 1(b): $6800 for 5 years at 12% p.a.

Again, use: Interest = P × R × T

P = $6800
R = 12% = 0.12
Time = 5 years

Formula:
Interest = 6800 × 0.12 × 5

Step by step:
6800 × 0.12 = 816
816 × 5 = 4080

So Interest = $4080.00

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Part 2: Complete the table

Use same formula: Interest = P × R × T
Remember to convert % to decimal.

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Row 1: $5225, 3%, 2 years

R = 3% = 0.03
I = 5225 × 0.03 × 2
= 5225 × 0.06
= 313.5 → $313.50

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Row 2: $24,000, 5%, 7 years

R = 5% = 0.05
I = 24000 × 0.05 × 7
= 24000 × 0.35
= 8400 → $8400.00

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Row 3: $8575, 9%, 3 years

R = 9% = 0.09
I = 8575 × 0.09 × 3
First: 8575 × 0.09 = 771.75
Then: 771.75 × 3 = 2315.25 → $2315.25

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Row 4: $6700, 2%, 1 year

R = 2% = 0.02
I = 6700 × 0.02 × 1 = 134 → $134.00

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Row 5: $10,000, 15%, 5 years

R = 15% = 0.15
I = 10000 × 0.15 × 5
= 10000 × 0.75 = 7500 → $7500.00

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Now let’s write all answers clearly.

Final Answer:
1(a) P = $500, R = 0.04, Time = 2 years; Formula: Interest = 500 × 0.04 × 2; Interest = $40.00
1(b) P = $6800, R = 0.12, Time = 5 years; Formula: Interest = 6800 × 0.12 × 5; Interest = $4080.00
2. Table completed as:
- $5225 → $313.50
- $24,000 → $8400.00
- $8575 → $2315.25
- $6700 → $134.00
- $10,000 → $7500.00