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### Grade 6 - Mathematics8.13 Simple Interest Word Problems

 Directions: Answer the following qustions. Also write at least five examples of your own.
 Q 1: 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\$1050.63\$1005.35\$1243.78 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?\$4013.21\$5403.42\$4103.35\$3780.35 Q 3: Paul had a credit card balance of \$10,000 which carried a finance charge of 24% per annum. After 2 years, he won \$18,000 in a lottery and paid off the credit card balance. After paying off the debt, how much money did he have?\$5,000\$3,200\$8,000\$4,600 Q 4: 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?\$1221.50\$918.00\$1021.50\$1045.00 Question 5: This question is available to subscribers only! Question 6: This question is available to subscribers only!