Name _____________________ Date _________________________

Simple Interest Word Problem Homework Sheet 3

Make sure to read the problems carefully and solve for what each is looking for.

1. You invest your money into a Pet Shop. The owner agrees to pay you
8% interest over the course of 14 years. If you invested $125,000
how much money will your investment payout over the life of the
investment?

2. Your friend wants to buy a pair of over the ear headphones, but she
does not have enough to pay for it. She buys the headphones with a
credit card for $375. The interest rate of the credit card is 18.5%.
How much totally will the headphones cost her if it takes her 4 years
to pay it off?

3. Halley and Jason bought a new home for $185,000. They take out a
loan from Astar Bank to pay for their home. The terms of the loan are
6.5% for 30 years. If the pay the loan off over the 30 years, how
much interest will they have paid to Astar Bank?

4. Mark buys a new Honda Accord. He borrows $26,580 from the credit
union to pay for it. The terms of the loan are 7% over 5 years. What
is the total amount that Mark will pay back to the credit union over the
life of the loan?

5. Jasmine and Tony borrow $75,000 to purchase a new boat. The terms
of the loan are 8.5% over 6 years. How much interest will they pay
over the life of the loan?

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Name _____________________ Date _________________________

Simple Interest Word Problem Homework Sheet 3 Answer Key

1.$140,000.00

2.$652.50

3.$360,750.00

4.$36,247.50

5.$38,250.00

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