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McGraw-Hill Math Grade 7 Answer Key Lesson 15.6 Simple Interest for More or Less than One Year
Exercises
SOLVE
Round all answers to the nearest cent.
Question 1.
How much simple interest would you earn if you had $10,000 and you were being paid 5% for 15 months?
Answer:
Principal = $10,000
Rate of interest = 5% = 5/100
15 months = 12 months + 3 months = 1 1/4
Total number of years = 5/4
Simple interest = Principal x Rate of interest x Years
= $10,000 x (5/100) x (5/4)
= $625
I will earn simple interest $625.
Question 2.
If you invest $5,600 for 18 months at a simple interest rate of 7%, how much would you earn?
Answer:
Principal = $5,600
Rate of interest = 7% = 7/100
18 months = 12 months + 6 months = 1 1/2
Total number of years = 3/2
Simple interest = Principal x Rate of interest x Years
= $5,600 x (7/100) x (3/2)
= $588
I will earn simple interest $588.
Question 3.
What would be the total amount that you would have after 7 months if you started with $2,700 and were paid simple interest of 5.5%?
Answer:
Principal = $2,700
Rate of interest = 5.5% = 5.5/100
7 months = 7/12
Total number of years = 7/12
Simple interest = Principal x Rate of interest x Years
= $2,700 x (5.5/100) x (7/12)
= $86.625
Simple interest is equal to $86.625.
Principal + simple interest = $2,700 + $86.625 = $2,786.625
After 7 months the total amount that I would have is $2,786.625.
Question 4.
If you start with $6,275 and earn simple interest of 14.75% for 37 months, what would be your total earnings for the period?
Answer:
Principal = $6,275
Rate of interest = 14.75% = 14.75/100
37 months = 37/12
Total number of years = 37/12
Simple interest = Principal x Rate of interest x Years
= $6,275 x (14.75/100) x (37/12)
= $2853.82
The total earning for the period is equal to $2,853.82.
Question 5.
You have a principal of $45,200 and will receive simple interest of 19.5% for 4 years. How much interest will you earn?
Answer:
Principal = $45,200
Rate of interest = 19.5% = 19.5/100
Total number of years = 4
Simple interest = Principal x Rate of interest x Years
= $45,200 x (19.5/100) x 4
= $35256
I will earn simple interest $35,256.
Question 6.
What would be the simple interest earned on $2,350 at 9.27% for 23 months?
Answer:
Principal = $2,350
Rate of interest = 9.27% = 9.27/100
23 months = 23/12
Total number of years = 23/12
Simple interest = Principal x Rate of interest x Years
= $2,350 x (9.27/100) x (23/12)
= $417.54
Simple interest is equal to $417.54.