Quiz about Simple Interest

Question 1

Dalton has $40,000 in a savings account that earns 11% annually. The interest is not compounded. How much will he have in 3 years? Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), ris the interest rate expressed as a decimal, and t is the time in years.

Accepted Answer

53,200

Answer

900

Answer

13,222

Answer

243,442

Question 2

The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.

Accepted Answer

the amount of money borrowed or deposited

Answer

the percent interest for his year

Answer

the amount taxed

Answer

the amount the bank owes you for being a customer at their bank

Question 3

Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?

Accepted Answer

$1392

Answer

$150

Answer

$192

Answer

$1350

Question 4

Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase.  The bank said that she could get a simple interest rate of 8% for 5 years.  What is the total amount that Beyonce will pay for the chair?

Accepted Answer

$9100

Answer

$2600

Answer

$910

Answer

$260

Question 5

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

Accepted Answer

$1,200

Answer

$800

Answer

$1,000

Answer

$1,500

Question 6

Ann puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?

Accepted Answer

12

Answer

4

Answer

8

Answer

16

Question 7

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

Accepted Answer

26.25

Answer

7.50

Answer

87.5

Answer

262.50

Question 8

Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.

Accepted Answer

14

Answer

140

Answer

168

Answer

16.80

Question 9

Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?

Accepted Answer

$120

Answer

$144

Answer

$1,200

Answer

$1,440

Question 10

The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.

Accepted Answer

decimal

Answer

fraction

Answer

ratio

Answer

dollar amount

Question 11

The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.

Accepted Answer

the amount of money borrowed or deposited

Answer

the percent interest for his year

Answer

the amount taxed

Answer

the amount the bank owes you for being a customer at their bank

Question 12

Write the percent as a decimal.
4.3%

Accepted Answer

.043

Answer

4.3

Answer

.43

Answer

4300

Question 13

Write the decimal as a percent.
0.37

Accepted Answer

37%

Answer

3.7%

Answer

.37%

Question 14

What does the "I" in the interest formula stand for?

Accepted Answer

Interest

Answer

Important

Answer

Internet

Answer

Igloo

Question 15

Calculate the interest. I = PRT,

Principal = $1000,

Rate = 6%,

Time = 2 years

Accepted Answer

$120

Answer

$100

Answer

$180

Answer

1200

Question 16

Calculate the interest. I = PRT,
Principal = $10000,
Rate = 7%,
Time = 20 years

Accepted Answer

14000

Answer

1400

Answer

1000

Answer

14

Question 17

You lend $240 to your friend.  He pays you back $270.  What interest rate did you charge your friend?

Accepted Answer

12.5%

Answer

88%

Answer

20%

Answer

10%

Question 18

Anna invested $2,500 at an annual rate of 5%.  How long will it take until Anna earns $1,125 in interest?

Accepted Answer

9 years

Answer

5 years

Answer

8 years

Answer

10 years

Create a free account and access millions of resources

Popular Resources on Wayground

Discover more resources for Mathematics