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Grade 8 - Mathematics9.25 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 = \$26,700, T = 4 1/2years and R = 2%, Find the interest.\$2403\$2403.75\$2403.5\$2403.25 Q 2: P = \$3,120, T = 3years and R = 10%, Find the interest.\$936\$946\$984\$950 Q 3: P = \$1,650, T = 10years and R = 5%, Find the interest.\$850\$825\$875\$900 Q 4: P = \$7,600, T = 3years and R = 4%, Find the interest.\$918\$914\$916\$912 Q 5: P = \$14,300, T = 3 1/2years and R = 3%, Find the interest.\$1500\$1501.75\$1501.5\$1501.25 Q 6: P = \$36,700, T = 4years and R = 5%, Find the interest.\$7380\$7350\$7340\$7360 Q 7: P = \$15,000, T = 5years and R = 3.5%, Find the interest.\$2675\$2650\$2625\$2600 Q 8: P = \$17,600, T = 6years and R = 6.5%, Find the interest.\$6880\$6850\$6488\$6864 Question 9: This question is available to subscribers only! Question 10: This question is available to subscribers only!

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