Simple Interest Worksheet

Lesson 1

Problem: Find the Simple Interest

Principal $92,145

Interest Rate 5.25%

Time in Months 25

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

Step 1:

                                          Solution      From this formula we can calculate the simple interest

Step 2: (92145 x 5.25 x 25/12) / 100

                                          Solution      Answer is:$10078.35

Step 3:

Complete

Try two practice problems:

Fill in the missing information. .

1. 2.

Principal $31,600.00 Principal $3,4434.00

Interest Rate 3.25% Interest Rate ?

Time in Months 24 Time in Months 34

Simple Interest ? Simple Interest $3146.3