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Interest

Practise using the formulas for simple interest and compound interest.

Simple Interest Compound Interest Exam Style Questions Formulas More 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...

£540 is invested at 5% pa simple interest for 10 years.

£ Correct Wrong

$250 is invested at 5% pa simple interest for 17 years.

$ Correct Wrong

€776 is invested at 1% pa simple interest for 5 years.

Correct Wrong

Find the total amount available if ...

£820 is invested at 5% pa simple interest for 10 years.

£ Correct Wrong

$790 is invested at 4% pa simple interest for 12 years.

$ Correct Wrong

€572 is invested at 2% pa simple interest for 12 years.

Correct Wrong

What was the initial amount invested if...

£223.20 is accrued after 6 years invested with 4% pa simple interest.

£ Correct Wrong

$1928.50 is accrued after 11 years invested with 3% pa simple interest.

$ Correct Wrong

€211.20 is accrued after 10 years invested with 2% pa simple interest.

Correct Wrong

How many years would it take for ...

£448.00 to be accrued after £400 is invested with 3% pa simple interest.

Years: Correct Wrong

$1494.60 to be accrued after $1410 is invested with 1% pa simple interest.

Years: Correct Wrong

€1268.36 to be accrued after €857 is invested with 3% pa simple interest.

Years: Correct Wrong

Check

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.

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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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Don't wait until you have finished the exercise before you click on the 'Check' button. Click it often as you work through the questions to see if you are answering them correctly.

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