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

Q 2: P = $15,000, T = 5years and R = 3.5%, Find the interest.
$2675
$2600
$2650
$2625

Q 3: P = $1,650, T = 10years and R = 5%, Find the interest.
$875
$850
$900
$825

Q 4: P = $17,600, T = 6years and R = 6.5%, Find the interest.
$6850
$6880
$6488
$6864

Q 5: P = $14,300, T = 3 1/2years and R = 3%, Find the interest.
$1501.75
$1500
$1501.25
$1501.5

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

Q 7: P = $3,120, T = 3years and R = 10%, Find the interest.
$946
$936
$950
$984

Q 8: P = $36,700, T = 4years and R = 5%, Find the interest.
$7350
$7360
$7380
$7340

Question 9: This question is available to subscribers only!

Question 10: This question is available to subscribers only!


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