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... £340 is invested at 3% pa simple interest for 10 years. £ \$820 is invested at 4% pa simple interest for 20 years. \$ €480 is invested at 3% pa simple interest for 11 years. € Find the total amount available if ... £750 is invested at 2% pa simple interest for 7 years. £ \$830 is invested at 5% pa simple interest for 18 years. \$ €886 is invested at 3% pa simple interest for 19 years. € What was the initial amount invested if... £866.40 is accrued after 7 years invested with 2% pa simple interest. £ \$4232.80 is accrued after 12 years invested with 4% pa simple interest. \$ €474.60 is accrued after 10 years invested with 4% pa simple interest. € How many years would it take for ... £112.00 to be accrued after £100 is invested with 3% pa simple interest. Years: \$1452.00 to be accrued after \$1210 is invested with 2% pa simple interest. Years: €836.16 to be accrued after €536 is invested with 4% 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.

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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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