Grade 6 - Mathematics 8.13 Simple Interest Word Problems

Directions: Answer the following qustions. Also write at least five examples of your own.

Q 1: A store owner borrowed an amount of $3,500 on 6th June, 1991 at the rate of 24% per annum and repaid it on 15th January, 1992. What is the amount he repaid? $5403.42 $3780.35 $4103.35 $4013.21

Q 2: Karen deposited an amount of $5,000 as a certificate of deposit (CD) in a bank for a period of 3 years. The CD pays a simple interest of 15% per year and pays interest every 6 months. How much interest does she get every 6 months? $375 $5375 $3375 $540

Q 3: Bob borrowed $5,000 from a bank at the rate of 18% per year. He lent $3,000 to a friend at the rate of 24% per year and $2,000 to another friend at the rate of 36% per year. How much profit would he earn in 2 years? $1080 $2450 $2081 $500

Q 4: John deposited $15,000 in a savings account that paid an interest of 12% per annum. The interest is calculated every 6 months and added to the principal. How much does he get after 1 and 1/2 years? $17,865.24 $16,875.74 $18,875.50 $15,354.45

Q 5: An employee borrowed $900 form a money lender at the rate of 18% per annum and repaid it after 9 months. How much did he repay? $1021.50 $1045.00 $918.00 $1221.50

Q 6: Principal = $1,500, Rate = 36%, and Time = 26-2-1991 to 8-7-1991, find the total amount. $1635.50 $1695.29 $1690.76 $1650.32

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