AQA · Mathematics · 8300
GCSE Maths: Percentages: simple interest
Ratio & Proportion · AQA GCSE Maths (8300). Cards are generated from the Corbettmaths practice questions and answers for Percentages: simple interest (Corbettmaths Video 236), and every card links back to the exact page it came from. Practice tests generate fresh variations of these questions, so the numbers change every attempt. Source material © Corbettmaths — used with attribution.
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What is the formula for calculating simple interest?
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Interest = (Principal × Rate × Time) / 100, where Rate is the annual percentage and Time is in years.
If £200 is invested at 3% simple interest for 1 year, what is the total interest earned?
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£6. Calculation: (200 × 3 × 1) / 100 = £6.
If £400 is invested at 5% simple interest for 2 years, what is the total interest earned?
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£40. Calculation: (400 × 5 × 2) / 100 = £40.
If £8000 is invested at 1.2% simple interest for 2 years, what is the total amount in the account?
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£8192. First calculate interest: (8000 × 1.2 × 2) / 100 = £192, then add to principal: 8000 + 192 = £8192.
If £12500 is invested at 1.1% simple interest for 5 years, what is the total interest?
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£687.50. Calculation: (12500 / 100) × 1.1 = £137.50 per year; £137.50 × 5 = £687.50.
If £800 invested for 20 years at simple interest earns £320 total interest, what is the annual interest rate?
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2%. Using the formula rearranged: Rate = (Interest × 100) / (Principal × Time) = (320 × 100) / (800 × 20) = 2%.
If £3000 is invested at 2% simple interest for 7 months, what is the total interest earned?
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£35. For months, use Time = 7/12 years: (3000 × 2 × 7/12) / 100 = £35.
If £7.20 total interest is earned over 3 years at 2% simple interest, what was the original principal?
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£120. Rearranging the formula: Principal = (Interest × 100) / (Rate × Time) = (7.20 × 100) / (2 × 3) = £120.
In simple interest calculations, how do you convert a time period given in months to years?
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Divide the number of months by 12. For example, 7 months = 7/12 years.
What is the difference between calculating 'total interest' and 'total amount' in a simple interest problem?
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'Total interest' is just the interest earned. 'Total amount' is the principal plus the interest earned (the final balance).
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