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Online Quiz (Worksheet A B C D)

Questions Per Quiz = 2 4 6 8 10

Grade 8 - Mathematics
9.33 Word Problems on Simple Interest

Example 1:
Greg invests $1200 at an annual rate of 6.5%. How long will it take until Greg earns $195 in interest?
I = PTR/100
195 = (1200 x T x 6.5) / 100
T = 2.4
Greg will earn $195 in interest in 2.5 years.

Example 2:
You invest $80 at a simple annual interest rate of 2%. How much simple interest would you earn in 1.5 years?
$2.40

Example 3:
Nancy owes $38,000 in student loans. The interest rate on her loans is 8.25%. She will be paying these loans off for 20 years. How much will she pay altogether? I = (p x r x t)/100
I = ($38,000 x 8.25 x 20)/100
I = $62,700
Adding the interest back on to the principle, Nancy has to pay $100,700.


Directions: Solve the following problems. Also write at least ten examples of your own.
Q 1: A man borrowed some money at 15% simple interest and cleared the debt at the end of 2years 8months by paying $9240. Find the sum borrowed.
$6600
$5600
$7600
$6000

Q 2: If a certain sum amounts to $515 in 3 years and to $530 in 6years, find the rate of interest.
0.5%
1.5%
2%
1%

Q 3: A sum of $450 amounts to $495 in 2years. In what time will the sum of $820 amounts to $943 at the same rate.
2.5years
3years
3.5years
4years

Q 4: In what time will the interest on $3600 at the rate of 10% be equal to the interest on $1800 at the rate of 12.5% in 4 years.
2years
3 3.5years
2.5years
3years

Q 5: In a certain sum amounts to $515 in 3 years and to $530 in 6years, find the sum.
$490
$500
$505
$450

Q 6: A certain sum of money amount to $312 at 4% interest, $324 at 8% interest. Find period of time.
1year
2.5years
2years
1.5years

Q 7: A certain sum of money amount to $312 at 4% interest, $324 at 8% interest. Find principal.
$275
$300
$290
$305

Q 8: At what rate will the interest on $480 in 15 months equals the interest on $800 at 5% rate of interest in 9months.
6%
5%
3%
4%

Question 9: This question is available to subscribers only!

Question 10: This question is available to subscribers only!


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