Worksheet on Factors affecting Interest

We will practice the questions given in the worksheet on factors affecting interest. We know the formula for calculating simple interest (S.I.) is equal to $\frac{P × R × T}{100}$.

1. Find the simple interest and amount of:

(i) $ 500 for 3 years at 4% per annum

(ii) $ 2550 for 8 months at 50 cents percent per month

(iii) $ 2750 for 4.4 years at 12.6 percent per month

(iv) $ 7200 for 12$\frac{1}{2}$ years at 13$\frac{1}{3}$%

(v) $ 5000 for 1$\frac{1}{4}$ years at 7$\frac{1}{2}$%

2. Calculate the simple interest on $ 600 for 2$\frac{1}{2}$ years at 4% per annum.

3. Find the time when principal is $ 800 and simple interest is $ 96 at the rate of 6 % per annum.

4. Ron took $ 2400 from Rex and returned him $ 3000 after 5 years. Find the annum rate of interest in percent.

5. What will be the amount on $ 900 at 5 % per annum for 6 years?

6. Jack borrowed 4 6000 from a village money lender for 3$\frac{1}{2}$ years. Money lender charged interest at the rate of 15 % per annum. At the end of 3$\frac{1}{3}$ years. Jack paid $ 5500 cash and one cow to the money lender. Find the price of the cow.

7. Fill in the blanks:

(i) The sum lent is equal __________.

(ii) The money paid for using other’s money is called __________.

(iii) The interest paid on $ 100 is called __________.

(iv) S.I. = $\frac{P × R × ......}{100}$

(v) The sum of the principal and interest is called __________.

8. Derek borrowed $ 1800 from his friend Robert. Robert charged interest at the rate of 5 % per annum. Derek returned the money and interest after 8 months. How much money in all did Derek return to Robert?

9. Sally took a loan of $ 850 from Rita for 3 years at 10 % per annum. After 3 years Sally paid back the loan by giving $ 900 in cash and a new sari. What was the price of the new sari?

Answers for the worksheet on factors affecting interest are given below.

Answers

1. (i) $ 60; $ 560

(ii) $ 102; $ 2652

(iii) $ 1524.60; $ 4274.60

(iv) $ 2400; $ 9600

(v) $ 468.75; $ 5468.75

2. $ 60

3. 2 years

4. 5%

5. $ 1170

6. $ 3650