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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...

£800 is invested at 4% pa simple interest for 9 years.

£ Correct Wrong

$280 is invested at 1% pa simple interest for 18 years.

$ Correct Wrong

€537 is invested at 1% pa simple interest for 17 years.

Correct Wrong

Find the total amount available if ...

£510 is invested at 3% pa simple interest for 8 years.

£ Correct Wrong

$130 is invested at 3% pa simple interest for 17 years.

$ Correct Wrong

€161 is invested at 4% pa simple interest for 13 years.

Correct Wrong

What was the initial amount invested if...

£460.00 is accrued after 5 years invested with 3% pa simple interest.

£ Correct Wrong

$9015.80 is accrued after 11 years invested with 2% pa simple interest.

$ Correct Wrong

€1341.34 is accrued after 18 years invested with 3% pa simple interest.

Correct Wrong

How many years would it take for ...

£812.00 to be accrued after £700 is invested with 4% pa simple interest.

Years: Correct Wrong

$4362.40 to be accrued after $3280 is invested with 3% pa simple interest.

Years: Correct Wrong

€213.20 to be accrued after €164 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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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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Comment recorded on the 24 May 'Starter of the Day' page by Ruth Seward, Hagley Park Sports College:

"Find the starters wonderful; students enjoy them and often want to use the idea generated by the starter in other parts of the lesson. Keep up the good work"

Comment recorded on the 19 October 'Starter of the Day' page by E Pollard, Huddersfield:

"I used this with my bottom set in year 9. To engage them I used their name and favorite football team (or pop group) instead of the school name. For homework, I asked each student to find a definition for the key words they had been given (once they had fun trying to guess the answer) and they presented their findings to the rest of the class the following day. They felt really special because the key words came from their own personal information."

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Answers

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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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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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