Name_______________________________

Simple Interest Worksheet

Directions: Calculate the following simple interest problems. Write your answers in the space provided; show your
work. Use the formula I = P * R * T and round your answers to the nearest cent or the nearest tenth of a percent. Use four
decimal places for fractions of time.

1a. I = ______________ 1b. I = ______________ 1c. I = ______________ 1d. I = ______________

P = $500 P = $50 P = $1,000 P = $600
R = 8% R = 12% R = 18% R = 15%
T = 3 months (3/12) T = 1 month (1/12) T = 24 months (24/12) T = 60 days (60/360)

2a. I = $6 2b. I = $15 2c. I = $300 2d. I = $ .90

P = ____________ P = _____________ P = _____________ P = _____________
R = 12% R = 15% R = 12% R = 6%
T = 3 months (3/12) T = 90 days (90/360) T = 6 months (6/12) T = 60 days (60/360)

3a. I = $12 3b. I = $390 3c. I = $ . 50 3d. I = $3

P = $200 P = $2,000 P = $25 P = $50
R = ____________ R = _____________ R = _____________ R = ______________
T = 6 months (6/12) T = 18 months (18/12) T = 6 weeks (42/360) T = 180 days (180/360)

4a. You have agreed to borrow $50 and after six months 4b. If you borrow $800 at 18% for 11 months, how much
pay back $58. How much interest are you paying? total interest will you pay?
What is the interest rate?