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MEAP Preparation - Grade 7 Mathematics1.118 Simple Interest Word Problems

 Directions: Answer the following qustions. Also write at least five examples of your own.
 Q 1: 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?\$5403.42\$4103.35\$4013.21\$3780.35 Q 2: 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?\$8,000\$4,600\$3,200\$5,000 Q 3: 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?\$1050.63\$1243.78\$1500.45\$1005.35 Q 4: Principal = \$1,500, Rate = 36%, and Time = 26-2-1991 to 8-7-1991, find the total amount.\$1635.50\$1695.29\$1690.76\$1650.32 Q 5: 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?\$2081\$500\$2450\$1080 Q 6: 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?\$375\$5375\$3375\$540 Question 7: This question is available to subscribers only! Question 8: This question is available to subscribers only!