Question

1. £500 is deposited in a bank paying 2% simple interest per annum. How much interest will have been paid after 2 years?

2. £500 is deposited in a bank paying 1% simple interest per annum. How much interest will have been paid after 5 years?
3. £1500 is deposited in a bank paying 6.25% simple interest per annum. How much interest will have been paid after 3 years?
4.£3600 is deposited in a bank paying 4% simple interest per annum. How much interest will have been paid after 4 years?
5.£4300 is deposited in a bank paying 5.75% simple interest per annum. How much interest will have been paid after 6 years?
6.£4000 is deposited in a bank paying 9.5% simple interest per annum. How much interest will have been paid after 8 years?
7.£3600 is deposited in a bank paying 14.75% simple interest per annum. How much interest will have been paid after 14 years?

Answer 1

1. 500 x 0.02 x 2 = £20
2. 500 x 0.01 x 5 = £25
3. 1500 x 0.0625 x 3 = £281.25
4. 3600 x 0.04 x 4 = £576
5. 4300 x 0.0575 x 6 = £1483.50
6. 4000 x 0.095 x 8 = £3040
7. 3600 x 0.1475 x 14 = £7434