Simple Interest Quiz

What is the formula for calculating simple interest?

• I = p * r

• I = p + r + t

• I = p / r * t

• I = p * r * t

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

• $50

• $75

• $100

• $125

A student borrowed $1000 from a bank at an interest rate of 8% per annum. If the student repays the loan after 2 years, what is the total amount to be repaid?

• $1080

• $1160

• $1120

• $1200

If the principal amount is $2000, the interest rate is 7%, and the time period is 4 years. What is the simple interest?

• $560

• $5,600

• $56,000

• $560,000

If the Principal is $15,836, the interest rate is 8.23%, and the time period is 10 years. What is the simple interest?

• $13,033,028

• $1,303,392

• $13,033

• $130,330

If the principal amount is $800, the interest rate is 4%, and the time period is 5 years, what is the simple interest?

• 160

• 200

• 400

• 320

A car loan of $10,000 is taken at an interest rate of 6% per annum. If the loan is repaid after 3 years, what is the total amount to be repaid?

• $11,200

• $10,600

• $12,400

• $11,800

If the principal amount is $1500, the interest rate is 7%, and the time period is 2 years, what is the simple interest?

• $210

• $21,000

• $2,100

• $210,000

Sara invested $5000 in a bank at an interest rate of 4% per annum. How much interest will she earn after 2 years?

• $800

• $200

• $1000

• $400

If the principal amount is $3000, the interest rate is 5%, and the time period is 4 years, what is the simple interest?

• 1200

• 800

• 600

• 400