Simple Interest Worksheet
This worksheet helps sixth-grade students understand and calculate simple interest on loans and investments.
Includes
Standards
Topics
Simple Interest Calculations
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Read each question carefully and calculate the simple interest. Remember the formula: I = P × R × T (Interest = Principal × Rate × Time).
1. Simple interest is calculated on the original amount.
2. The interest rate is usually expressed as a .
3. Time in the simple interest formula must always be in .
4. The total amount repaid on a loan is the principal plus the .
1. You deposit $500 into a savings account that earns 3% simple interest per year. How much interest will you earn in 2 years?
2. Sarah borrowed $1,200 from her parents at a simple interest rate of 5% per year. If she repays the loan in 3 years, how much interest will she owe?
3. A bank offers a certificate of deposit (CD) with a 2.5% simple interest rate. If you invest $1,000 for 4 years, what will be the total amount in your account at the end of the term?
1. What is the simple interest earned on $800 at a 4% annual rate for 1 year?
$8
$32
$40
$320
2. If you borrow $2,000 at a 6% simple interest rate for 6 months, how much interest will you pay?
$60
$120
$240
$720
1. Simple interest is always calculated on the principal amount only.
True
False
2. If the interest rate is 10% per year, and the time is 6 months, you should use 10% as the rate and 6 as the time in the formula.
True
False