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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\$2403.5\$2403.75\$2403.25 Q 2: P = \$15,000, T = 5years and R = 3.5%, Find the interest.\$2600\$2650\$2625\$2675 Q 3: P = \$4,700, T = 1 1/2years and R = 3.5%, Find the interest.\$246.5\$246.75\$246.25\$246 Q 4: P = \$7,500, T = 4years and R = 2%, Find the interest.\$800\$950\$850\$900 Question 5: This question is available to subscribers only! Question 6: This question is available to subscribers only!

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