# Interest

## Practise using the formulas for simple interest and compound interest.

##### Simple InterestCompound InterestExam Style QuestionsFormulasMore Financial Maths

This is level 1; Simple Interest. Give all of your answers to two decimal places. You can earn a trophy if you get at least 9 correct and you do this activity online.

 Find the amount of interest earned if... £590 is invested at 2% pa simple interest for 9 years. £ \$320 is invested at 5% pa simple interest for 17 years. \$ €691 is invested at 1% pa simple interest for 10 years. € Find the total amount available if ... £630 is invested at 4% pa simple interest for 10 years. £ \$700 is invested at 4% pa simple interest for 14 years. \$ €569 is invested at 3% pa simple interest for 15 years. € What was the initial amount invested if... £684.00 is accrued after 4 years invested with 5% pa simple interest. £ \$1656.00 is accrued after 5 years invested with 4% pa simple interest. \$ €783.52 is accrued after 18 years invested with 1% pa simple interest. € How many years would it take for ... £880.00 to be accrued after £800 is invested with 2% pa simple interest. Years: \$9628.80 to be accrued after \$7080 is invested with 3% pa simple interest. Years: €524.40 to be accrued after €460 is invested with 1% pa simple interest. Years:
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This is Interest level 1. You can also try:
Level 2 Level 3

## Instructions

Try your best to answer the questions above. Type your answers into the boxes provided leaving no spaces. As you work through the exercise regularly click the "check" button. If you have any wrong answers, do your best to do corrections but if there is anything you don't understand, please ask your teacher for help.

When you have got all of the questions correct you may want to print out this page and paste it into your exercise book. If you keep your work in an ePortfolio you could take a screen shot of your answers and paste that into your Maths file.

## Transum.org

This web site contains over a thousand free mathematical activities for teachers and pupils. Click here to go to the main page which links to all of the resources available.

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Mathematicians are not the people who find Maths easy; they are the people who enjoy how mystifying, puzzling and hard it is. Are you a mathematician?

Comment recorded on the 2 May 'Starter of the Day' page by Angela Lowry, :

"I think these are great! So useful and handy, the children love them.
Could we have some on angles too please?"

Comment recorded on the 1 May 'Starter of the Day' page by Phil Anthony, Head of Maths, Stourport High School:

"What a brilliant website. We have just started to use the 'starter-of-the-day' in our yr9 lessons to try them out before we change from a high school to a secondary school in September. This is one of the best resources on-line we have found. The kids and staff love it. Well done an thank you very much for making my maths lessons more interesting and fun."

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The classic problem of using two unmarked jugs to measure exactly a given quantity. The Transum version is interactive and awards a virtual trophy for each of the levels completed.

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## Go Maths

Learning and understanding Mathematics, at every level, requires learner engagement. Mathematics is not a spectator sport. Sometimes traditional teaching fails to actively involve students. One way to address the problem is through the use of interactive activities and this web site provides many of those. The Go Maths page is an alphabetical list of free activities designed for students in Secondary/High school.

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Are you looking for something specific? An exercise to supplement the topic you are studying at school at the moment perhaps. Navigate using our Maths Map to find exercises, puzzles and Maths lesson starters grouped by topic.

## Teachers

If you found this activity useful don't forget to record it in your scheme of work or learning management system. The short URL, ready to be copied and pasted, is as follows:

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## Description of Levels

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Level 1 - Simple Interest

Level 2 - Compound Interest

Level 3 - Exam Style Questions

## Formulas

Simple interest: I = P × R ÷ 100 × T

Compound interest: I = P(1 + R ÷ 100)T − P

I is the amount of interest earned by the investment.

P is the principal, the amount originally invested.

R is the rate of interest expressed as a percentage.

T is the number of years the amount was invested for.

If you are following a syllabus that allows the use of a graphic display calculator you could use the Finance Solver to help calculate answers for the compound interest questions.

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