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Simple Interest
Compound Interest
More Lessons for Grade 9 Math
Math Worksheets
These lessons, with videos, examples and step-by-step solutions, help Algebra students learn how to solve word problems that involve simple interest.
How to solve word problems using the simple interest formula?
Simple interest problems involve calculating the interest earned or paid on a principal amount over a certain period of time at a given interest rate.
The simple interest formula is
interest = principal × rate × time or I = Prt
Where:
I = Interest earned
P = Principal amount (initial investment or loan)
r = Annual interest rate (as a decimal)
t = Time in years
The following diagram gives the steps to solve an interest word problem with two simple interest rates using Algebra.
Interest Word Problems
Interest Problems
Simple Interest Word Problems
Compound Interest Word Problems
Compound Interest & Continuously Compound Interest
Investment Word Problems
Printable & Online Algebra Worksheets
How to use the Simple Interest Formula?
Example:
How much interest is earned in five years on $3,000 invested at an interest rate of 9% per year?
Interest Word Problems - Algebra Help
How to solve simple interest word problems?
Example:
Pam invested $5000. She earned 14% on part of her investment and 6% on the rest. If she earned a total of $396 for the year, how much did she invest at each rate?
Simple Interest Word Problems
Examples:
Example:
Suppose $7,000 is divided into two bank accounts. One account pays 10% simple interest per year and the other pays 5%. After three years there is a total of $1451.25 in interest between the two accounts. How much was invested into each account (rounded to the nearest cent)?
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