Mathematics
Grade 7
15 min
Simple interest
Simple interest
What you'll learn
- Identify the principal, interest rate, and time period in simple interest word problems with 80% accuracy.
- Solve for simple interest using the formula I = PRT, given the principal, interest rate, and time, in at least 4 out of 5 practice problems.
- Explain how changes in the principal, interest rate, or time period affect the amount of simple interest earned or paid, in a short written response.
- Apply the simple interest formula to calculate the total amount due on a loan, given the principal, interest rate, and time period, with 75% accuracy.
Tutorial Preview
1
You deposit $200 at 5% interest for 1 year. How much interest do you earn?
2
You borrow $500 at 4% interest for 3 years. What is the total amount you repay?
3
You earned $40 interest from a 2-year investment at 5% interest. What was the principal?
Sample Practice Questions
Easy
You deposit $200 at 2% interest for 2 years. How much interest do you earn?
0.$4
1.$8
2.$208
3.$80
Easy
You invest $100 at 5% for 1 year. What is the total amount you have at the end?
0.$5
1.$100
2.$105
3.$150
Easy
You borrow $300 at 10% for 1 year. What is the total amount you must repay?
0.$30
1.$300
2.$310
3.$330
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Frequently asked questions
What grade level is "Simple interest"?
Simple interest is a Grade 7 Mathematics lesson on ExcelOS.
What will I learn in Simple interest?
You'll be able to: Identify the principal, interest rate, and time period in simple interest word problems with 80% accuracy; Solve for simple interest using the formula I = PRT, given the principal, interest rate, and time, in at least 4 out of 5….
Is "Simple interest" free to practice?
Yes. You can read the tutorial preview for free, and signing up for a free ExcelOS account unlocks the full tutorial and all practice questions with instant feedback.
How many practice questions are included with Simple interest?
This lesson includes 25 practice questions across multiple difficulty levels, each with instant feedback and explanations.