Simple Interest Quiz

What is the formula for calculating simple interest?

• Principal * Rate * Time

• Principal - Rate - Time

• Principal + Rate + Time

• Principal / Rate / Time

Tags

MA.7.AR.3.2

What is the principal amount in the simple interest formula?

• Total amount of money borrowed or invested.

• Interest rate applied.

• Time period for which interest is calculated.

• Initial amount of money borrowed or invested

Tags

MA.7.AR.3.2

What is the interest rate in the simple interest formula?

• Principal amount

• Time period

• Total amount

• Interest rate

Tags

MA. 7.AR.3.2

What is the time period in the simple interest formula?

• Principal

• Time period

• Rate of interest

• Amount

Tags

MA.7.AR.3.2

If the principal amount is $500, the interest rate is 5%, and the time period is 3 years, what is the simple interest?

• 125

• 100

• 50

• 75

Tags

MA. 7.AR.3.2

If the principal amount is $1000, the interest rate is 8%, and the time period is 2 years, what is the simple interest?

• 320

• 160

• 200

• 80

Tags

MA. 7.AR.3.2

If the principal amount is $2000, the interest rate is 6%, and the simple interest is $240, what is the time period?

• 2 years

• 4 years

• 3 years

• 1 year

Tags

MA. 7.AR.3.2

If the principal amount is $1500, the time period is 4 years, and the simple interest is $360, what is the interest rate?

• 4%

• 6%

• 8%

• 10%

Tags

MA. 7.AR.3.2

If the interest rate is 7%, the time period is 5 years, and the simple interest is $525, what is the principal amount?

• 2000

• 1000

• 1500

• 2500

Tags

MA.7.AR.3.2

If the interest rate is 4%, the time period is 3 years, and the principal amount is $800, what is the simple interest?

• $120

• $64

• $200

• $96

Tags

MA.7.AR.3.2