Simple Interest
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Lesson details
Key learning points
- In this lesson, we will learn about calculating simple interest. We will investigate what the term means, and learn how to calculate it and solve problems.
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This content is made available by Oak National Academy Limited and its partners and licensed under Oak’s terms & conditions (Collection 1), except where otherwise stated.
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4 Questions
Q1.
If 20% of a number is 32, find 100%
320
62.5
640
Q2.
If 7% of a number is 14, find 100%
100
140
70
Q3.
A shop has a sale with 10% discount on all items. If a coat costs £45 in the sale. What was its original price?
£40
£49.50
£55
Q4.
Tim is a car salesman. He bought a car for £5000. Currently he is holding a sale with 35% off the price of all cars. Tim wants to sell the car so that he makes a 10% profit on the price he paid. How much should Tim advertise the car for?
£3461.54
£5500
£7250
3 Questions
Q1.
£7000 is invested at 6% simple interest. How much interest will be earned in 4 years?
£420
£7420
£8680
Q2.
£2000 is invested at 3.5% simple interest. How much will the investment be worth after 5 years?
£2070
£350
£70
Q3.
Q3) A Fitness instructor wants to earn £500 in interest over the next two years. If they can invest their money at 7% per annum, how much do they need to invest to earn the £500?
£1000
£3000
£3075.43