MELE WORKSHEET —SIMPLE INTEREST Name: “Answer the f the space provided. ‘SHOW YOUR WORK. You will use the formula for simple interest: = Pxrxt ‘Remember to round all answers to the nearest cent, 1, Calculate the interest earned for each deposit for one year atthe interest rate given, a $500 at 3.5% b, $4750 at 4% . $495 at 8.5% , $7000 at 3.75% 2. Iay borrowed $15,000 for one year from a bank in order to buy & Ducatti motoreycle. He agreed to pay an interest rate of 8% per year, At the end of one year, how much money Would Jay pay back to the bank”? 13. You want to borrow $10 000 ftom a bank. ‘The following are interest rates a different financial institutions. How much would you owe in interest after one year at each bank? Which isthe best rate? a) TD Canada Trust 3.45% b) CIBC 3.5% 9) BMO 3.48% 4. ING Canada offers GICs (Guaranteed Investment Certificate) paying simple interest as follows 1 year GIC pays 1.5%, 3 year GIC pays 2.25%, 5 year GIC pays 3%. Find the total intrest earned on a deposit of $5,000 ina 1) 1 year GIC b) 3 yearGIc ©) S year GIC 5. Caleulate the total simple interest eamed on each deposit. 2) $9000 deposited at 5% per year for 3 years +) $1000 deposited at 6% per year for 15 months» 2 2 » » COMMISSION WORKSHEET John is selling sets of knives and makes a 10% commission on all sles. What would is ‘commission be on the sale of a $3250 set of knives? ‘A real estate agent earned a commission of $6875 for selling a house. If his rate is 2.5% find the selling ree ofthe hous, ‘A salesperson made $890.50 selling $6850 wort of electronic equipment. Find the commission Another real estate agent sold a house for $315,000 last week. IPher commission is 1.25% ofthe selling priee ofthe home, find the amount of her commission Roberta makes $9 an hour pls a 12.5% commission selling jewelry. How much does she ear on an 8 hour shift in which sho sells $380 wort of jewelry?