# How to Find Simple Interest Rate: Definition, Formula & Examples

Instructions:

question 1 of 3

### Rebecca wants to borrow \$500 to buy her favorite video game player and a couple of games. She asks a friend to lend her this amount, offering to pay him back \$548 in 9 months. What is the annual interest rate for this short term loan?

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### 2. What is the future value of a loan of \$2800 to be repaid in 8 months at an annual interest of 9%?

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Quizzes, practice exams & worksheets
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This quiz and worksheet set allow you to assess your understanding of simple interest and the formulas related to calculating it. In order to pass the quiz, you will need to complete practice problems that include solving for an annual interest rate and calculating the future value of a loan.

## Quiz & Worksheet Goals

Utilize these assessment tools to check your knowledge of:

• How to calculate a simple interest rate
• How to find the amount of interest
• How you solve for the future value of a loan

## Skills Practiced

Practice these skills when you complete the quiz and worksheet:

• Problem solving - use acquired knowledge to solve simple interest practice problems
• Interpreting information - verify that you can read information regarding the formula to determine the future value of a loan
• Knowledge application- use your knowledge to answer questions that ask you to find the amount of interest on a loan