Simple Interest Calculations 💰
Remember the Simple Interest Formula:
Interest = Principal × Rate × Time
(I = P × R × T)
1. Sarah deposits $500 into a savings account that earns 4% simple interest per year. How much interest will she earn after 2 years?
Principal = $__________
Rate = __________%
Time = __________ years
Interest = __________________________________________________
Interest earned = $__________
2. Tom invests $1,200 at a simple interest rate of 5% per year. Calculate the interest earned after 3 years.
Principal = $__________
Rate = __________%
Time = __________ years
Interest = __________________________________________________
Interest earned = $__________
3. Maya puts $800 into a savings account with a 3% simple interest rate for 4 years. How much interest will she receive?
Principal = $__________
Rate = __________%
Time = __________ years
Interest = __________________________________________________
Interest earned = $__________
4. Jack deposits $2,000 into an account earning 6% simple interest per year for 1 year. Calculate the interest and the total amount in his account after 1 year.
Interest earned = $__________
Total amount (Principal + Interest) = $__________
5. Anika invests $1,500 at 4.5% simple interest for 5 years. How much interest will she earn?
Interest earned = $__________
6. Challenge: Ben wants to earn $150 in interest over 3 years at a rate of 5% per year. How much money does he need to deposit?
Principal needed = $__________