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McGraw-Hill Math Grade 7 Answer Key Lesson 15.5 Simple Interest
Exercises
SOLVE
Question 1.
If the simple interest earned on $200 is $50, how much would you be earning on $700?
Answer:
The simple interest earned on $200 is $50.
We have to calculate how much interest is earned on $700.
$200 = $50
$700 = $?
($700 x $50)/$200 = $175
The simple interest earned on $700 is $175.
Question 2.
A principal of $3000 will earn how much simple interest at 7.2%?
Answer:
Principal = $3000
Rate of interest = 7.2%
Simple interest = Principal x Rate of interest
= $3000 x 7.2%
= $3000 x (7.2/100)
= $216
Simple interest is equal to $216.
Question 3.
Your uncle gives you $100 and deposits it into a savings account that pays simple interest of 6% per year. How much will you earn in interest for the year?
Answer:
Principal amount = $100
Simple interest per year = ?
Rate of interest for the year = 6%
Simple interest = Principal x Rate of interest
= $100 x (6/100)
= $6
I will earn $6 in interest for the year.
Question 4.
At the beginning of the year you have $450 in your savings account and you are earning simple interest of 3.5% for the year. How much will you have at the end of the year?
Answer:
Principal = $450
Rate of interest = 3.5%
Simple interest = Principal x Rate of interest
= $450 x (3.5/100)
= $15.75
Simple interest for the year is equal to $15.75.
Principal + simple interest = $450 + $15.75 = $465.75
I will have $465.75 at the end of the year.
Question 5.
Simple interest at 7% on $5,000 would be how much?
Answer:
Principal = $5,000
Rate of interest = 7%
Simple interest = Principal x Rate of interest
= $5,000 x (7/100)
= $350
Simple interest at 7% is $350 for a principal of $5,000
Question 6.
Simple interest at 1% is how much for a principal of $10,000?
Answer:
Principal = $10,000
Rate of interest = 1%
Simple interest = Principal x Rate of interest
= $10,000 x (1/100)
= $100
Simple interest at 1% is $100 for a principal of $10,000.
Question 7.
If you have a principal of $4,000 and earn simple interest of 5% for one year, how much will you have at the end of the year?
Answer:
Principal = $4,000
Rate of interest = 5%
Simple interest = Principal x Rate of interest
= $4,000 x (5/100)
= $200
Simple interest for the year is equal to $200.
Principal + simple interest = $4,000 + $200 = $4,200
I will have $4,200 at the end of the year.
Question 8.
How much will you earn in a year on $150 if the simple interest is paid at a rate of 11%?
Answer:
Principal = $150
Rate of interest = 11%
Simple interest = Principal x Rate of interest
= $150 x (11/100)
= $16.50
I will earn $16.50 in a year on $150 if the simple interest is paid at a rate of 11%.