Simple Interest Quiz

The interest rate needs to be converted into a decimal for it to be used in the simple interest formula.

6% as a decimal is

n in the simple interest formula represents the number of years that the money is invested/ borrowed for.

2 years and 9 months can be written as ____ years

The P in the simple interest formula stands for (a)  

Halle invested $4000 at a flat rate of 5% for 6 years.

How much interest did Halle earn on the investment?

Halle invested $4000 at a flat rate of 5% for 6 years.

The value of her investment at the end of the 6 years is?

Sophie invested $4000 at a flat rate of 7%. At the end of the term the amount of interest she earned was $2240.

For how many years was Sophie's money invested for?

The decimal of 0.075 converted to a decimal is

Riley invested $12000 in an account that paid flat rate interest. At the end of 5 years he has earned $2430 in interest. The interest rate paid on the investment was

Kelsey invested a sum of money at a flat rate of 8% for 4 years. At the end of the term she had earned $1920 in interest. How much did Kelsey invest?

 $I=P\times i\times n$  
In Australia the values of __ and __ are measured in $