# 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... £170 is invested at 1% pa simple interest for 9 years. £ \$300 is invested at 1% pa simple interest for 19 years. \$ €220 is invested at 2% pa simple interest for 8 years. € Find the total amount available if ... £250 is invested at 3% pa simple interest for 8 years. £ \$670 is invested at 3% pa simple interest for 18 years. \$ €786 is invested at 2% pa simple interest for 13 years. € What was the initial amount invested if... £448.00 is accrued after 7 years invested with 4% pa simple interest. £ \$7748.00 is accrued after 6 years invested with 5% pa simple interest. \$ €1430.05 is accrued after 17 years invested with 5% pa simple interest. € How many years would it take for ... £128.00 to be accrued after £100 is invested with 4% pa simple interest. Years: \$4583.20 to be accrued after \$3370 is invested with 3% pa simple interest. Years: €936.96 to be accrued after €732 is invested with 2% 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.

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## Teachers

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© Transum Mathematics :: This activity can be found online at:
www.transum.org/Maths/Activity/Interest/Default.asp?Level=1

## 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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