BUS121 - Ch 10 Worksheet Simple Interest - Practice Problems Follow the directions on each question and be careful to use proper annotation ($ % and round to the nearest hundreth (2 decimal places) and do not use commas in your answers) Simple Interest Basic Equation: 1=PxRxT 1. Determine the interest paid given the terms. Use $ sign and round to nearest cent. Do not use commas in your answers. Terms Interest Paid $8600 at 4.20% for 1 years $21000 at 7.00% for 5 months $32000 at 1.20% for 7 months $10000 at 14.00 % for 1 year