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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 2; Compound 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...

£190 is invested at 3% pa compound interest for 7 years.

£ Correct Wrong

$630 is invested at 4% pa compound interest for 15 years.

$ Correct Wrong

€677 is invested at 4% pa compound interest for 11 years.

Correct Wrong

Find the total amount available if ...

£900 is invested at 5% pa compound interest for 6 years.

£ Correct Wrong

$200 is invested at 1% pa compound interest for 11 years.

$ Correct Wrong

€250 is invested at 5% pa compound interest for 10 years.

Correct Wrong

What was the initial amount invested if...

£721.83 is accrued after 6 years invested with 1% pa compound interest.

£ Correct Wrong

$6468.67 is accrued after 10 years invested with 4% pa compound interest.

$ Correct Wrong

€1074.00 is accrued after 15 years invested with 2% pa compound interest.

Correct Wrong

How many years would it take for ...

£245.97 to be accrued after £200 is invested with 3% pa compound interest.

Years: Correct Wrong

$7827.86 to be accrued after $6550 is invested with 2% pa compound interest.

Years: Correct Wrong

€272.10 to be accrued after €223 is invested with 1% pa compound interest.

Years: Correct Wrong

Check

This is Interest level 2. You can also try:
Level 1 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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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 14 September 'Starter of the Day' page by Trish Bailey, Kingstone School:

"This is a great memory aid which could be used for formulae or key facts etc - in any subject area. The PICTURE is such an aid to remembering where each number or group of numbers is - my pupils love it!
Thanks"

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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.

TI-nSpire TI-nSpire
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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