Simple+Interest+Part+II


 * __Simple Interest Part II __** Open this file and save it to your laptop for the notes on today's lesson.

Now attempt the questions below. 1. Pat borrowed $4695 at 8% p.a. simple interest for 5 years so that he could buy a Holden sedan. At the end of the 5 years, both interest and loan had been paid. a) How much interest was charged? b) How much was paid back altogether? (loan + interest)  2. Lily borrowed $4000 from Bek to be repaid after 3 years, along with 9% p.a. simple interest. How much will Bek receive in 3 years?  3. Jarod invested $8400 in the credit union for 11 months at 1.2% per month simple interest. How much interest did he earn?  4. Amy invest $4000 for 3 years at 6.5% p.a. simple interest, whilst Kayla invests $4000 for 3 years at 5.8% p.a. simple interest. How much more interest does Amy receive than Kayla?  5. Calculate the simple interest rate (to the nearest percent) which will allow $2500 to earn $675 interest in 3 years.  6. What sum of money would you have to invest for 5 years at 11% p.a. simple interest to produce $3080 in interest? Register on the website below so that you can play games and learn about money. Coinland