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Simple Interest Worksheet

KS4-GCSE | Years 9-11Foundation-Intermediate15 questions

Free to print and use in your classroom. No sign-up required.

Formula

Simple interest: I = PRT ÷ 100

Total amount = P + I

Where: I = interest earned, P = principal (starting amount), R = annual interest rate (%), T = time in years

Show full working for each question. Give monetary answers in pounds.

  1. 1. Find the simple interest on £500 at 4% per year for 3 years.

  2. 2. Find the simple interest on £1,200 at 5% per year for 2 years.

  3. 3. Find the total amount after investing £800 at 3% simple interest per year for 4 years.

  4. 4. Find the total amount after investing £2,500 at 6% simple interest per year for 5 years.

  5. 5. Find the simple interest on £3,000 at 2.5% per year for 3 years.

  6. 6. A loan of £4,000 is taken out at 8% simple interest per year for 2 years. What is the total amount to repay?

  7. 7. How much simple interest is earned on £600 at 3.5% per year for 4 years?

  8. 8. An account pays 2% simple interest per year. A customer deposits £5,000. How much interest is earned in 18 months?

  9. 9. Find the principal if simple interest of £180 is earned at 4% per year over 3 years.

  10. 10. Find the time taken to earn £200 simple interest on £1,000 at 5% per year.

  11. 11. Find the annual interest rate if £150 simple interest is earned on £1,000 over 3 years.

  12. 12. Compare: £2,000 at 5% simple interest for 4 years versus £2,000 at 5% compound interest for 4 years. Which gives a greater return and by how much?

  13. 13. A savings account pays 1.5% simple interest per year. Molly deposits £3,600. How long will it take her to earn £162 in interest?

  14. 14. A loan of £6,000 is fully repaid with £7,080 after 3 years. What was the annual simple interest rate?

  15. 15. A student borrows £800 from a friend. They agree to repay it with 3% simple interest per year. If they repay after 2 years and 6 months, what total do they repay?

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Worked Answers

  1. 1. Simple interest = £60

    I = PRT ÷ 100 = 500 × 4 × 3 ÷ 100 = £60

  2. 2. Simple interest = £120

    I = 1200 × 5 × 2 ÷ 100 = £120

  3. 3. Total amount = £896

    I = 800 × 3 × 4 ÷ 100 = £96. Total = £800 + £96 = £896

  4. 4. Total amount = £3,250

    I = 2500 × 6 × 5 ÷ 100 = £750. Total = £2,500 + £750 = £3,250

  5. 5. Simple interest = £225

    I = 3000 × 2.5 × 3 ÷ 100 = £225

  6. 6. Total amount to repay = £4,640

    I = 4000 × 8 × 2 ÷ 100 = £640. Total = £4,000 + £640 = £4,640

  7. 7. Simple interest = £84

    I = 600 × 3.5 × 4 ÷ 100 = £84

  8. 8. Interest earned = £150

    18 months = 1.5 years. I = 5000 × 2 × 1.5 ÷ 100 = £150

  9. 9. Principal = £1,500

    180 = P × 4 × 3 ÷ 100. 180 = 12P ÷ 100. 18000 = 12P. P = £1,500

  10. 10. Time = 4 years

    200 = 1000 × 5 × T ÷ 100. 200 = 50T. T = 4 years

  11. 11. Annual interest rate = 5%

    150 = 1000 × R × 3 ÷ 100. 150 = 30R. R = 5%

  12. 12. Compound interest gives a greater return, by £31.01

    Simple: I = 2000 × 5 × 4 ÷ 100 = £400. Total = £2,400. Compound: 2000 × 1.05&sup4; = 2000 × 1.21550625 = £2,431.01. Difference = £2,431.01 − £2,400 = £31.01

  13. 13. 3 years

    162 = 3600 × 1.5 × T ÷ 100. 162 = 54T. T = 3 years

  14. 14. Annual interest rate = 6%

    Interest paid = £7,080 − £6,000 = £1,080. 1080 = 6000 × R × 3 ÷ 100. 1080 = 180R. R = 6%

  15. 15. Total repayment = £860

    T = 2 years and 6 months = 2.5 years. I = 800 × 3 × 2.5 ÷ 100 = £60. Total = £800 + £60 = £860

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