What is the difference between simple and compound interest?

Simple interest is always worked out on the starting amount. Compound interest also earns interest on interest already paid, so it grows a little faster each year.

What grade is this simple interest worksheet for?

It is written for grade 7 and matches Common Core standard 7.RP.A.3.

Can I get a different version of this simple interest worksheet?

Yes. Use the free Mathify Kids test maker to make a new simple interest worksheet with different numbers every time, with its own answer key.

Simple interest worksheets

Finding simple interest with I = P × r × t, the total in an account and the cost of a loan.

Later questions find the rate or the time when the interest is known.

The last part compares savings at different rates.

Download the free simple interest worksheet (PDF)

Simple interest worksheet

PDF · US Letter · Grade 7 · 24 questions · answer key included

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What’s on the worksheet

24 questions on simple interest, sized for US Letter paper
2 pages of questions plus an answer key on the last page
Written for grade 7, matching Common Core 7.RP.A.3
Name and date lines at the top, and room to show the work

Sample questions from this worksheet

$200 at 6% for 3 years. How much is in the account at the end?
A $500 loan at 6% simple interest for 4 years. How much must be paid back?
$400 earns $40 simple interest in 5 years. What is the yearly rate?
$400 at 10% simple interest earns $120. How many years did it take?
$200 earns $80 simple interest in 4 years. What is the yearly rate?
$1,000 at 10% simple interest earns $300. How many years did it take?

Preview the worksheet and answer key

Make a new simple interest worksheet

Need another page for extra practice, a retake or a second group in class? The free Mathify Kids test maker builds a fresh simple interest worksheet with different numbers every time. Choose how many questions, print it with its own answer key, or let your child take it on screen and see the score straight away.

Make a new version

Simple interest: a worked example ($500 saved at 4% simple interest for 3 years)

Write the rate as a decimal: 4% = 0.04.
Multiply: I = 500 × 0.04 × 3 = $60.
Add it to the principal for the total: $500 + $60 = $560.
Check: each year earns 4% of $500, which is $20, and three years make $60.

How to use it at home and in class

At home

Make it real with a “bank of home”: pay a small percent each month on money your child saves in a jar. Watching the interest add up makes the formula meaningful. Ten problems a day works better than a whole sheet at once. Mark them together with the answer key, then ask your child to explain one they got wrong: finding the mistake themselves is where the learning happens.

In class

Use the first row as a warm-up, a full page for independent practice, or five questions as an exit ticket. For a retake or a second group, make a new version with the test maker so every child gets different numbers.

Mistakes to watch for

Using 4 instead of 0.04 for the rate.
Finding only one year’s interest.
Giving the interest as the total in the account.

What to practice before and after simple interest

Before: tax, tip and interest. If this sheet is a struggle, go back a step.
After: percent word problems, once this one is mostly right.
Learn it first: the simple interest lesson.