Calculating Interest Worksheet

Lesson 1

Problem: Find the Simple Interest

Principal $3000.00

Interest Rate 1.25%

Time in Months 5

Solution Simple Interest = (Principal X Rate X Time) / 100

Step 1:

                                          Solution      From this formula we can calculate the simple interest

Step 2: (3000 x 1.25 x 5/12) / 100

                                          Solution      Answer is:$15.62

Try two practice problems:

Fill in the missing information. .

1. 2.

Principal $3,600.00 Principal $3,234.00

Interest Rate 2.25% Interest Rate ?

Time in Months 14 Time in Months 4

Simple Interest ? Simple Interest $346.3