Simple and Compound Interest
Worksheet
Simple Interest
I=p*r*t
Name: ______________________
Date: _______ Section: ________
Compound Interest (annually)
A = p(1 + r/t)n
For the following, find the simple interest to the nearest cent.
1. $300 at 7.5% for 5 years
1. _______
2. $770 at 16% for 6 months
2. _______
3. $668 at 9.25% for 15 months
3. _______
4. $285 at 8.5% for 2 ½ years
4. _______
5. Ben borrowed $800 at 9% simple interest for 2 years. What is the total
amount he must repay?
5. _______
6. Lindsey sold stationery to her family and her mother’s friends. She deposited
the $125 she earned in a savings account. The account earns 5.18% interest
annually. If she does not deposit or withdraw any money from for 18 months, how
much will she have in her account?
6. _______
For the following, find the balance of the account earning compound interest
annually.
7. $7000 at 2% for 4 years.
7. _______
8.. $7000 at 4% for 2 years.
8. _______
9. $1995 at 6.5% for 10 years.
9. _______
10. Mark deposits $2000 into an account that pays an interest rate of 3.5%
compounded annually. He doesn’t add or remove money from his account for 4
years. How much money will Mark have in 4 years?
11. You deposit $1500 into an account that pays an interest rate of 4%
compounded annually. Your friend deposits $1500 into an account that pays a
simple annual interest rate of 4%. Compare the balances of the two accounts after
5 years.