kwizNET Subscribers, please login to turn off the Ads!
Email us to get an instant 20% discount on highly effective K-12 Math & English kwizNET Programs!

Online Quiz (Worksheet A B C D)

Questions Per Quiz = 2 4 6 8 10

Grade 8 - Mathematics
9.25 Simple Interest - I

Simple Interest
  • Interest is the amount of money paid or earned for the use of money.
  • An interest rate is the cost stated as a percent of the amount borrowed per period of time, usually one year.
  • For a savings account, interest is earned.
  • For a credit card, interest is paid.
  • It is earned by money P (called the principal) at an annual interest rate r for t years is given by:
I = PTR/100
Where I = Interest, P = Principal, T = Time and R = Rate or interest.

Example:
P = $6,500, T = 5years and R = 2%, Find interest.
Solution:
Formula, I = PTR/100
Substitute the given values in the above formula.
I = (6500 * 5 * 2) / 100
I = 65000 / 100
I = $650

Example:
You deposit $650 at a rate of 8% per year. How much simple interest will you earn after one half of the a year?
Simple Interest = PTR/100
= (650 x 8 x 1/2 ) /100
= 26
Answer: After one half of a year you will have $26 of simple interest.


Directions: Solve the following problems. Also write at least ten examples of your own involving real life situations.
Q 1: P = $14,300, T = 3 1/2years and R = 3%, Find the interest.
$1500
$1501.75
$1501.5
$1501.25

Q 2: P = $3,120, T = 3years and R = 10%, Find the interest.
$950
$984
$936
$946

Q 3: P = $36,700, T = 4years and R = 5%, Find the interest.
$7360
$7340
$7350
$7380

Q 4: P = $7,600, T = 3years and R = 4%, Find the interest.
$916
$912
$918
$914

Q 5: P = $7,500, T = 4years and R = 2%, Find the interest.
$800
$900
$950
$850

Q 6: P = $26,700, T = 4 1/2years and R = 2%, Find the interest.
$2403.5
$2403.75
$2403.25
$2403

Q 7: P = $4,700, T = 1 1/2years and R = 3.5%, Find the interest.
$246.25
$246.75
$246
$246.5

Q 8: P = $15,000, T = 5years and R = 3.5%, Find the interest.
$2650
$2675
$2625
$2600

Question 9: This question is available to subscribers only!

Question 10: This question is available to subscribers only!


Subscription to kwizNET Learning System offers the following benefits:

  • Unrestricted access to grade appropriate lessons, quizzes, & printable worksheets
  • Instant scoring of online quizzes
  • Progress tracking and award certificates to keep your student motivated
  • Unlimited practice with auto-generated 'WIZ MATH' quizzes
  • Child-friendly website with no advertisements
  • Choice of Math, English, Science, & Social Studies Curriculums
  • Excellent value for K-12 and ACT, SAT, & TOEFL Test Preparation
  • Get discount offers by sending an email to discounts@kwiznet.com

Quiz Timer