WORKSHEET ON SIMPLE INTEREST

Find the simple interest charged when :

Problem 1 :

$5000 is borrowed for 1 year at 12% per annum simple interest.              Solution

Problem 2 :

$2500 is borrowed for 2 years at 8% per annum simple interest.               Solution

Problem 3 :

$40000 is borrowed for 5 years at 11% per annum simple interest.                Solution

Problem 4 :

$250000 is borrowed for 9 months at 20% per annum simple interest.                Solution

Find the total amount needed to repay a loan of :

Problem 5 :

$2400 borrowed for 3 years at 10% per annum simple interest.

Solution

Problem 6 :

$8000 borrowed for 7 years at 12% per annum simple interest.

Solution

Problem 7 :

$7500 borrowed for 2 1/2 years at 8% per annum simple interest.

Solution

Problem 8 :

$23000 borrowed for 4 months at 15% per annum simple interest.

Solution

Problem 9 :

Kyle borrows $25000 at 6% p.a. Simple interest for 4 years.

(a)  Find the total amount needed to repay the loan.

(b)  Calculate the monthly repayment required to pay this loan off in 48 equal instalments.

Solution