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Grade 6 - Mathematics
8.13 Simple Interest Word Problems

Directions: Answer the following qustions. Also write at least five examples of your own.
Q 1: An employee borrowed $900 form a money lender at the rate of 18% per annum and repaid it after 9 months. How much did he repay?
$1045.00
$1021.50
$918.00
$1221.50

Q 2: A store owner borrowed an amount of $3,500 on 6th June, 1991 at the rate of 24% per annum and repaid it on 15th January, 1992. What is the amount he repaid?
$3780.35
$4103.35
$4013.21
$5403.42

Q 3: Karen deposited an amount of $5,000 as a certificate of deposit (CD) in a bank for a period of 3 years. The CD pays a simple interest of 15% per year and pays interest every 6 months. How much interest does she get every 6 months?
$3375
$375
$540
$5375

Q 4: Bob borrowed $5,000 from a bank at the rate of 18% per year. He lent $3,000 to a friend at the rate of 24% per year and $2,000 to another friend at the rate of 36% per year. How much profit would he earn in 2 years?
$500
$2450
$2081
$1080

Q 5: John deposited $15,000 in a savings account that paid an interest of 12% per annum. The interest is calculated every 6 months and added to the principal. How much does he get after 1 and 1/2 years?
$18,875.50
$15,354.45
$17,865.24
$16,875.74

Q 6: Jason deposited $1,000 in a bank account that gave an interest of 5% per annum. Interest is calculated every 6 months and added to the principal. Interest for next 6 months is calculated on the total amount. How much does he get after 1 year?
$1500.45
$1243.78
$1050.63
$1005.35

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Question 8: This question is available to subscribers only!


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