B.J.C.

YR 2 
Distance Learning Week 6
Simple Interest
Name: Ashanti Albury Grade: 9D Date: May 11th, 2020
1. Arnold has $560 in a savings account that pays 3% simple interest. How much
interest will he earn in each amount of time? 

a. 5 years - Answer: $644 [2]

b.  6 months - Answer:$568.40 [2]

2. Ms. James wants to buy a new car. She goes to her bank to borrow some of
the money. The bank offers her a simple interest loan of $15,000 at an
annual interest rate of 6%. She plans to pay off the loan at the end of 1 year. 

a. How much interest will she owe the bank after 1 year?
Answer: $900 [2]

b. What is the total amount she will owe the bank after 1 year?
Answer: $15,900 [1]

3. A loan of $5000 gains interest of $600 in 3 years. Find the simple interest
rate. Answer: 244.4444% [2]

4. A savings account receives 10% simple interest per year. How long would it
take $150,000 to gain $6000 in interest? Answer: 240 years [2]

5. Calculate the total amount to repay on these loans. Give your answers to the
nearest cent.
a. $5500 for 5 years at 9% per year.
Answer: $7,975.00 [3]

b. $6400 for 8 years at 11% per year.

Answer: $12,032.00 [3]