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: 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

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