Simple Interest
This lesson covers:
- How to calculate simple interest
- E.g. 'Charlie invests £400 for 1 year in a bank account. The account pays simple interest at a rate of 3% per year. Work out the total amount of money in the account after 2 years. '
Jennifer invests £200 for 1 year in a bank account. The account pays simple interest at a rate of 5% per year.
Work out the total amount of money in the account at the end of the first year.
£
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Charlie invests £400 in a bank account. The account pays simple interest at a rate of 3% per year.
Work out the total amount of money in the account after 2 years.
£
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Prisha invests £8000 in an account paying 1.2% simple interest each year.
Calculate the amount of money in her account after 2 years.
£
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£12500 is invested for 5 years at a rate of 1.1% simple interest per year.
Work out the total value of the interest payments after 5 years. Give your answer to 2 decimal places.
£
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Louise invests £260 in an account paying 2.4% simple interest each year.
Calculate the amount of money in her account after 3 years.
£
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Daniel invests £1760 in an account paying 1.8% simple interest each year.
Calculate the amount of money in his account after 6 years.
£
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Abdul invests £1200 for 3 years in a bank account. The account pays simple interest at a rate of 0.4% per year.
Work out the total amount of interest Abdul has accrued at the end of the 3 years.
£
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