Simple and compound interest
Answers are for parents and teachers.
1
5 000 000 so‘m is lent at 9% simple interest per year for 4 years. Find the interest (so‘m).
1800000
2
Over 3 years at 7% simple interest per year, 1 260 000 so‘m of interest was paid. How large was the loan (so‘m)?
6000000
3
2 500 000 so‘m was lent at 8% simple interest per year and 600 000 so‘m of interest was received. For how many years?
3
4
40 000 so‘m is deposited at 10% compound interest per year for 2 years. What is the final balance in so‘m?
48400
5
Why must months be converted to years (e.g. 9 months = 0.75 year)? Write the simple interest on 10 000 so‘m at 8% for 9 months.
The rate is yearly, so n must be in years. I = 10 000 · 8 · 0.75 / 100 = 600 so‘m.