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Simple Interest worksheet

Grade 7 · CCSS 7.RP.A.3

Solve each problem and show your work. Round answers to 2 decimal places where needed.

1.
Problem 1.
- Principal: $5,000
- Annual interest rate: 4.8%
- Time: 4 years
- Compare with compound interest: Compounded monthly
Find: Interest
Answer
2.
Problem 2.
- Principal: $4,000
- Annual interest rate: 4.4%
- Time: 3 years
- Compare with compound interest: Compounded monthly
Find: Interest
Answer
3.
Problem 3.
- Principal: $5,000
- Annual interest rate: 4.5%
- Time: 4 years
- Compare with compound interest: Compounded yearly
Find: Interest
Answer
4.
Problem 4.
- Principal: $3,750
- Annual interest rate: 3.7%
- Time: 3 years
- Compare with compound interest: Compounded yearly
Find: Interest
Answer
5.
Problem 5.
- Principal: $5,000
- Annual interest rate: 6.5%
- Time: 3 years
- Compare with compound interest: Compounded daily
Find: Interest
Answer
6.
Problem 6.
- Principal: $6,500
- Annual interest rate: 5%
- Time: 3 years
- Compare with compound interest: Compounded yearly
Find: Interest
Answer
7.
Problem 7.
- Principal: $5,000
- Annual interest rate: 5%
- Time: 3 years
- Compare with compound interest: Compounded monthly
Find: Interest
Answer
8.
Problem 8.
- Principal: $5,000
- Annual interest rate: 3%
- Time: 3 years
- Compare with compound interest: Compounded yearly
Find: Interest
Answer
9.
Problem 9.
- Principal: $6,000
- Annual interest rate: 3.8%
- Time: 4 years
- Compare with compound interest: Compounded yearly
Find: Interest
Answer
10.
Problem 10.
- Principal: $6,000
- Annual interest rate: 3%
- Time: 3 years
- Compare with compound interest: Compounded yearly
Find: Interest
Answer

Answer key: Simple Interest worksheet

1. Interest: $960.00
1. Write the rate as a decimal so you can multiply with it
  $\frac{4.8}{100}$ $= 0.048$
2. Find the interest: multiply the amount by the rate and by the number of years
  $$5,000.00 \times 0.048 \times 4$ $= $960.00$
3. Add the interest to the amount you started with to get the total
  $$5,000.00 + $960.00$ $= $5,960.00$
4. For comparison, see what the same rate grows to if interest is added to the balance monthly (12 times a year)
  $$5,000.00 \times {(1 + \frac{0.048}{12})}^{12 \times 4}$ $= $6,056.03$
5. Find how much more you'd get with compounding
  $$6,056.03 - $5,960.00$ $= $96.03$
2. Interest: $528.00
1. Write the rate as a decimal so you can multiply with it
  $\frac{4.4}{100}$ $= 0.044$
2. Find the interest: multiply the amount by the rate and by the number of years
  $$4,000.00 \times 0.044 \times 3$ $= $528.00$
3. Add the interest to the amount you started with to get the total
  $$4,000.00 + $528.00$ $= $4,528.00$
4. For comparison, see what the same rate grows to if interest is added to the balance monthly (12 times a year)
  $$4,000.00 \times {(1 + \frac{0.044}{12})}^{12 \times 3}$ $= $4,563.33$
5. Find how much more you'd get with compounding
  $$4,563.33 - $4,528.00$ $= $35.33$
3. Interest: $900.00
1. Write the rate as a decimal so you can multiply with it
  $\frac{4.5}{100}$ $= 0.045$
2. Find the interest: multiply the amount by the rate and by the number of years
  $$5,000.00 \times 0.045 \times 4$ $= $900.00$
3. Add the interest to the amount you started with to get the total
  $$5,000.00 + $900.00$ $= $5,900.00$
4. For comparison, see what the same rate grows to if interest is added to the balance yearly (1 times a year)
  $$5,000.00 \times {(1 + \frac{0.045}{1})}^{1 \times 4}$ $= $5,962.59$
5. Find how much more you'd get with compounding
  $$5,962.59 - $5,900.00$ $= $62.59$
4. Interest: $416.25
1. Write the rate as a decimal so you can multiply with it
  $\frac{3.7}{100}$ $= 0.037$
2. Find the interest: multiply the amount by the rate and by the number of years
  $$3,750.00 \times 0.037 \times 3$ $= $416.25$
3. Add the interest to the amount you started with to get the total
  $$3,750.00 + $416.25$ $= $4,166.25$
4. For comparison, see what the same rate grows to if interest is added to the balance yearly (1 times a year)
  $$3,750.00 \times {(1 + \frac{0.037}{1})}^{1 \times 3}$ $= $4,181.84$
5. Find how much more you'd get with compounding
  $$4,181.84 - $4,166.25$ $= $15.59$
5. Interest: $975.00
1. Write the rate as a decimal so you can multiply with it
  $\frac{6.5}{100}$ $= 0.065$
2. Find the interest: multiply the amount by the rate and by the number of years
  $$5,000.00 \times 0.065 \times 3$ $= $975.00$
3. Add the interest to the amount you started with to get the total
  $$5,000.00 + $975.00$ $= $5,975.00$
4. For comparison, see what the same rate grows to if interest is added to the balance daily (365 times a year)
  $$5,000.00 \times {(1 + \frac{0.065}{365})}^{365 \times 3}$ $= $6,076.45$
5. Find how much more you'd get with compounding
  $$6,076.45 - $5,975.00$ $= $101.45$
6. Interest: $975.00
1. Write the rate as a decimal so you can multiply with it
  $\frac{5}{100}$ $= 0.05$
2. Find the interest: multiply the amount by the rate and by the number of years
  $$6,500.00 \times 0.05 \times 3$ $= $975.00$
3. Add the interest to the amount you started with to get the total
  $$6,500.00 + $975.00$ $= $7,475.00$
4. For comparison, see what the same rate grows to if interest is added to the balance yearly (1 times a year)
  $$6,500.00 \times {(1 + \frac{0.05}{1})}^{1 \times 3}$ $= $7,524.56$
5. Find how much more you'd get with compounding
  $$7,524.56 - $7,475.00$ $= $49.56$
7. Interest: $750.00
1. Write the rate as a decimal so you can multiply with it
  $\frac{5}{100}$ $= 0.05$
2. Find the interest: multiply the amount by the rate and by the number of years
  $$5,000.00 \times 0.05 \times 3$ $= $750.00$
3. Add the interest to the amount you started with to get the total
  $$5,000.00 + $750.00$ $= $5,750.00$
4. For comparison, see what the same rate grows to if interest is added to the balance monthly (12 times a year)
  $$5,000.00 \times {(1 + \frac{0.05}{12})}^{12 \times 3}$ $= $5,807.36$
5. Find how much more you'd get with compounding
  $$5,807.36 - $5,750.00$ $= $57.36$
8. Interest: $450.00
1. Write the rate as a decimal so you can multiply with it
  $\frac{3}{100}$ $= 0.03$
2. Find the interest: multiply the amount by the rate and by the number of years
  $$5,000.00 \times 0.03 \times 3$ $= $450.00$
3. Add the interest to the amount you started with to get the total
  $$5,000.00 + $450.00$ $= $5,450.00$
4. For comparison, see what the same rate grows to if interest is added to the balance yearly (1 times a year)
  $$5,000.00 \times {(1 + \frac{0.03}{1})}^{1 \times 3}$ $= $5,463.64$
5. Find how much more you'd get with compounding
  $$5,463.64 - $5,450.00$ $= $13.64$
9. Interest: $912.00
1. Write the rate as a decimal so you can multiply with it
  $\frac{3.8}{100}$ $= 0.038$
2. Find the interest: multiply the amount by the rate and by the number of years
  $$6,000.00 \times 0.038 \times 4$ $= $912.00$
3. Add the interest to the amount you started with to get the total
  $$6,000.00 + $912.00$ $= $6,912.00$
4. For comparison, see what the same rate grows to if interest is added to the balance yearly (1 times a year)
  $$6,000.00 \times {(1 + \frac{0.038}{1})}^{1 \times 4}$ $= $6,965.31$
5. Find how much more you'd get with compounding
  $$6,965.31 - $6,912.00$ $= $53.31$
10. Interest: $540.00
1. Write the rate as a decimal so you can multiply with it
  $\frac{3}{100}$ $= 0.03$
2. Find the interest: multiply the amount by the rate and by the number of years
  $$6,000.00 \times 0.03 \times 3$ $= $540.00$
3. Add the interest to the amount you started with to get the total
  $$6,000.00 + $540.00$ $= $6,540.00$
4. For comparison, see what the same rate grows to if interest is added to the balance yearly (1 times a year)
  $$6,000.00 \times {(1 + \frac{0.03}{1})}^{1 \times 3}$ $= $6,556.36$
5. Find how much more you'd get with compounding
  $$6,556.36 - $6,540.00$ $= $16.36$