Simple Interest
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Simple Interest
Quiz
•
Mathematics
•
KG - University
•
Practice Problem
•
Medium
Standards-aligned
Jenny Grow
Used 1K+ times
FREE Resource
About this resource
This quiz focuses on simple interest calculations, a fundamental topic in middle school mathematics typically taught in grades 6-8. Students must understand the simple interest formula I = Prt and be able to identify what each variable represents: P (principal - the initial amount borrowed or invested), r (interest rate as a decimal), and t (time in years). The core mathematical skills required include converting percentages to decimals, converting months to years by dividing by 12, applying the simple interest formula to calculate interest earned or paid, and finding total amounts by adding principal and interest. Students need strong decimal multiplication skills and must understand the difference between calculating interest alone versus total amount owed. The problems progress from basic formula identification to multi-step word problems involving real-world scenarios like loans and investments, requiring students to extract relevant information and apply the formula correctly. Created by Jenny Grow, a Mathematics teacher in US who teaches grade 13. This quiz serves as an excellent tool for introducing, practicing, and assessing student understanding of simple interest concepts. Teachers can use it as a warm-up activity to review formula components, assign it as homework to reinforce classroom learning, or implement it as a formative assessment to identify areas where students need additional support. The variety of question types - from basic vocabulary to complex word problems - makes it suitable for differentiated instruction and allows teachers to gauge student progress at multiple levels of understanding. The quiz aligns with Common Core standards 7.RP.A.3 (solving multi-step ratio and percent problems) and supports preparation for more advanced financial literacy concepts in high school mathematics.
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The simple interest formula is I=Prt. What does the t represent?
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest do you pay?
$7.50
$26.25
$87.5
$262.50
Tags
CCSS.7.RP.A.3
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The simple interest formula is I=Prt.
The P represents the principle.
The principle means ___________________.
the amount of money borrowed or deposited
the percent interest for his year
Mr. Koller
the amount the bank owes you for being a customer at their bank
Tags
CCSS.7.RP.A.3
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Mrs. Kenny went to the mall and saw a Wonder Woman statue for $6500 that she wanted to purchase. The bank said that she could get a simple interest rate of 8% for 5 years. What is the total amount that she will pay for the statue?
$2600
$910
$9100
$260
Tags
CCSS.7.RP.A.3
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
AJ borrowed $4,000 for 5 years at 6% simple interest rate. How much interest did he pay?
$800
$1,000
$1,200
$1,500
Tags
CCSS.7.RP.A.3
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Provi borrowed $3,500 for 3 years at 7½% simple interest rate.
How much interest did she pay?
$0.075
$787.50
$810
$812.50
Tags
CCSS.7.RP.A.3
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If you are calculating the simple interest and you are given the time in months. How can you find the time in years?
Tags
CCSS.7.RP.A.3
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