Simple Interest Worksheet
This worksheet helps 8th-grade students understand and calculate simple interest, principal, rate, and time.
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Simple Interest Worksheet
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Read each question carefully and calculate the simple interest (I), principal (P), rate (R), or time (T) as required. Remember the formula: I = P × R × T.
1. Simple interest is calculated on the original amount.
2. The is the percentage of the principal charged as interest, usually expressed annually.
3. The variable 'T' in the simple interest formula represents , which must be in years.
4. What is the simple interest on a principal of $500 at an annual rate of 4% for 3 years?
$20
$60
$120
$560
5. If you earn $75 in simple interest on a principal of $1,000 at a rate of 5%, how long was the money invested?
1 year
1.5 years
2 years
3 years
6. Sarah deposited $1,500 into a savings account that earns 3% simple interest annually. How much interest will she earn in 5 years?
7. John borrowed $2,000 from a bank at a simple interest rate of 6% per year. If he paid back a total of $2,360, how many years did it take him to repay the loan?
8. A loan of $800 accumulated $96 in simple interest over 2 years. What was the annual interest rate?
9. Simple interest is always calculated on the current balance of the account, which can change over time.
True
False
10. When calculating simple interest, the time period must always be expressed in years.
True
False