Name: _________________________________
Period: ________
Simple Interest Worksheet
Directions: Using I = Prt solve the following interest problems for the interest or the
balance. Show all work.
1. $4,000 at 3 % for 4 years.
2. $2,300 at 7% for 9 years.
3. $1,900 at 5.9% for 2 years.
4. Mitch took out a school loan for $24,000. The interest rate on the loan was 8%.
Mitch paid off the loan in just 5 years. How much did he pay altogether?
5. Joyce took out a small loan for $1,200. The interest on the loan was 10.5%, but
she paid it back in just 18 months. How much did she pay back in interest?
6. Greg put $1,000 into an investment that had 6% annual interest. The money is
left in the account for 2 years. How much interest do you get at the end of those
2 years?
7. A bank is offering 2.5% simple interest on a savings account. If $5,000 is
deposited, what is the balance a year.