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### Grade 8 - Mathematics9.33 Word Problems on Simple Interest

 Example 1: Greg invests \$1200 at an annual rate of 6.5%. How long will it take until Greg earns \$195 in interest? I = PTR/100 195 = (1200 x T x 6.5) / 100 T = 2.4 Greg will earn \$195 in interest in 2.5 years. Example 2: You invest \$80 at a simple annual interest rate of 2%. How much simple interest would you earn in 1.5 years? \$2.40 Example 3: Nancy owes \$38,000 in student loans. The interest rate on her loans is 8.25%. She will be paying these loans off for 20 years. How much will she pay altogether? I = (p x r x t)/100 I = (\$38,000 x 8.25 x 20)/100 I = \$62,700 Adding the interest back on to the principle, Nancy has to pay \$100,700. Directions: Solve the following problems. Also write at least ten examples of your own.
 Q 1: At what rate will the interest on \$480 in 15 months equals the interest on \$800 at 5% rate of interest in 9months.3%4%6%5% Q 2: If a certain sum amounts to double the principal in 6years, in what time will the amount become 3 times the principal.11years9years12years8years Q 3: A certain sum of money amount to \$312 at 4% interest, \$324 at 8% interest. Find principal.\$275\$305\$290\$300 Q 4: A sum of \$450 amounts to \$495 in 2years. In what time will the sum of \$820 amounts to \$943 at the same rate.3.5years4years2.5years3years Q 5: If a certain sum amounts to \$515 in 3 years and to \$530 in 6years, find the rate of interest.0.5%1%2%1.5% Q 6: In what time will the interest on \$3600 at the rate of 10% be equal to the interest on \$1800 at the rate of 12.5% in 4 years.2.5years3years2years3 3.5years Q 7: In how many years the interest on \$1200 at 5% is equal to the interest on \$800 at 7.5%in 2.5 years.2.5years2years3years1.5years Q 8: A man borrowed some money at 15% simple interest and cleared the debt at the end of 2years 8months by paying \$9240. Find the sum borrowed.\$5600\$6600\$6000\$7600 Question 9: This question is available to subscribers only! Question 10: This question is available to subscribers only!