Help your students prepare for their Maths GCSE with this free simple interest worksheet of 44 questions and answers
Simple interest is a method of calculating interest based on what is in the account at the beginning of the period. Simple interest could be used to calculate the amount of interest payable into a bank account or on a loan.
Calculating simple interest is done using the annual interest rate. The percentage of the original value is calculated and that amount of money is added to the account each year. For example, if £100 is invested into a savings account with a simple interest rate of 4% per annum, then £4 is added to the account each year. The total amount of interest will be equal to £4 multiplied by the number of years that the money is invested for.
There is a simple interest formula which can be used to calculate the amount of simple interest to be paid: Simple interest = P x R x T where P is the principal (original) investment, R is the interest rate (as a decimal) and T is time.
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