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Grades 6, 7 and 8 - Math - Middle School - Consumer Math (Calculating Simple Interest)
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There are two basic forms of interest - simple interest and compound interest.  

For simple interest the formula is:

I = PRT (interest equals principal, interest rate and time)

The principal is the actual amount of money you borrow or put into a savings account.  

Grades 6, 7 and 8 - Math - Middle School - Consumer Math (Calculating Simple Interest)
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10 Questions

1. Kathy opened up a new savings account at her local bank. She put in $400.00. The bank will pay a monthly interest of 2%. How much interest will Kathy earn in one year and how much money will she have in the bank at that time?
2. The school district needs to build a new high school. It will cost $1,800,000.00 to build the school. The lender will give them the money at 2.5% over 30 years. How much interest will the school district have to pay over the thirty years and how much will they have to actually pay back to the lender for borrowing the money?
3. Sarah opened up a college savings account at her local credit union. She put in $1,725.00. The bank will pay an annual interest of 5.8%. How much interest will Sarah earn on her college account if she leaves it alone for 4 years and how much money will she have in her account at the end of the 4 years?
4. Joey put $11.64 in his piggy bank. If he doesn’t touch his money for 3 months, his parents will give him 10% interest on his money. How much interest will Joey earn on savings if he doesn’t touch it for 3 months and how much will he have in total after his parents pay him the interest?
5. Nelly wanted to buy a new car that cost $14,500.00. Her local bank will give her a five year loan at 3.25% interest so she can buy the car. How much interest will Nelly have to pay over the five years and how much will she have to actually pay back to the bank for borrowing the money?
6. The movie studio needs a loan of $200,000,000.00. The lender will give them the loan at 3.36% for a period of 3 years. How much interest will the movie studio have to pay over the 3 years and how much will they have to actually pay back to the lender for borrowing the money?
7. Peter bought his first condo for $89,700.00. A lender will give him the money at 4.12% for 25 years. How much interest will Peter have to pay the lender over the 25 year period and how much will he pay back in total?
8. Max borrowed $3,200.00 from his uncle at an interest rate of 1.8% for 3 years. How much interest will Max have to pay his uncle over the three year period and how much will he pay back in total?
9. Grace and Gwen want to go on a cruise but don’t have enough money to do so. They need $2,600.00 so they took out a small personal loan. The interest on the loan is 6.75% and they have to pay the loan back in 3 years. How much interest will they have to pay over the three years and how much will they have to actually pay back to the bank for borrowing the money?
10. The amusement park wants to put in two new rides that cost $1,200,000.00 and $1,360,000.00. A lender will lend them the total amount at 2.85% over 20 years. How much interest will the amusement park have to pay over the 20 years and how much will they have to actually pay back to the lender for borrowing the money?

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