Level 1: Calculate simple interest in multiples of 5% of amounts of money

[Pages:2]Level 1: Calculate simple interest in multiples of 5% of amounts of money

1. When investing ?1 000 and the interest rate is 5% per year, how much would you earn by the end of the first year? ................................................................................................................................................. How much would you earn by the end of the second year? ................................................................................................................................................. How much would you have in total by the third year? .................................................................................................................................................

2. Use a bar to represent a ?1 000 investment with 10% per year interest rate at the end of the first year.

3. Janet got a loan of ?500. She must pay 40% of the amount every month. How much will she pay at the end of the first month? ................................................................................................................................................ How much will she pay over three months? ................................................................................................................................................ Janet will have to pay the amount borrowed on top of the interest. What is the difference between the total amount paid after 3 months and the amount borrowed? ................................................................................................................................................

4. Kiri purchased a TV with borrowed money from a loan. The TV costs ?1 255. By the end of the year, Kiri will have repaid the loan, which is ?1 506. What is the interest rate of the loan? ................................................................................................................................................ ................................................................................................................................................





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