Simple Interest Worksheet
A Grade 11 math worksheet covering simple interest calculations, including finding interest, principal, rate, and time.
Includes
Standards
Simple Interest Practice
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Read each question carefully and show all your work. Use the formula I = PRT where I = Simple Interest, P = Principal, R = Annual Interest Rate (as a decimal), and T = Time (in years).
1. Calculate the simple interest earned on a principal of $5,000 at an annual interest rate of 4% for 3 years.
2. What is the simple interest on a loan of $12,000 at 6.5% for 18 months?
3. If the simple interest earned is $200 on a principal of $2,500 at a rate of 5%, the time period was years.
4. An investment of $10,000 earned $1,500 in simple interest over 3 years. The annual interest rate was %.
5. What principal amount would earn $450 in simple interest at an annual rate of 3% over 5 years? The principal is $ .
6. Which of the following statements is true about simple interest?
It is calculated on the principal amount only.
It is calculated on the principal plus accumulated interest.
It is always higher than compound interest.
It is not affected by the interest rate.
7. When calculating simple interest, the time (T) must always be expressed in years.
True
False
8. Simple interest is a common calculation for short-term loans.
True
False
9. Sarah invested $7,500 in a savings account that pays 2.5% simple interest annually. How much money will be in her account after 4 years?
10. John borrowed $20,000 from a bank at a simple interest rate of 7% per year. If he paid back a total of $27,000, for how long did he borrow the money?