Simple Interest Worksheet

Calculate simple interest, principal, rate, and time for various financial scenarios.

Grade 9 Math Financial LiteracySimple Interest

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Includes

Fill in the BlanksShort AnswerMultiple ChoiceTrue / FalseLong Answer

Standards

CCSS.MATH.CONTENT.7.RP.A.3

Topics

mathgrade-9simple interestfinancial literacy

7 sections · Free to use · Printable

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Simple Interest Practice

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Read each question carefully and calculate the simple interest, principal, rate, or time as required. Show all your work.

1. Calculate the simple interest on a principal of $500 at an annual interest rate of 3% for 2 years. Simple Interest =

2. A loan of $1,200 has an interest rate of 5% per year. If the loan term is 4 years, the total simple interest paid will be

3. If you earned $45 in simple interest on a principal of $900 over 1 year, what was the annual interest rate?

4. How long would it take to earn $150 in simple interest on a principal of $1,000 at an annual interest rate of 2.5%?

5. What is the formula for calculating simple interest?

I = P + R + T

I = P × R × T

I = P / (R × T)

I = (P + R) × T

6. What does 'P' represent in the simple interest formula?

Payment

Profit

Principal

Percentage

7. Simple interest is always calculated on the original principal amount.

True

False

8. The interest rate in the simple interest formula should always be expressed as a decimal.

True

False

9. Sarah invested $2,500 in a savings account that offers a simple interest rate of 4% per year. How much will her investment be worth after 5 years?

10. John borrowed $800 from his friend and agreed to pay it back with 6% simple interest. If he paid back a total of $944, how many years did it take him to repay the loan?