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 2 years, what is the simple interest?

• 400

• 100

• 50

• 250

If the simple interest is $120, the interest rate is 8%, and the time period is 3 years, what is the principal amount?

• 300

• 200

• 500

• 100

If the principal amount is $1000, the simple interest is $150, and the time period is 2 years, what is the interest rate?

• 15%

• 7.5%

• 10%

• 5%

If the principal amount is $800, the interest rate is 6%, and the simple interest is $96, what is the time period?

• 1.5

• 2.5

• 3.5

• 4.5

If the principal amount is $1200, the interest rate is 10%, and the time period is 5 years, what is the total amount?

• $1000

• $2000

• $1500

• $1800

If the total amount is $1500, the interest rate is 7%, and the time period is 4 years, what is the principal amount?

• 1000

• 1350

• 2000

• 1171.875

If the principal amount is $2000, the total amount is $2400, and the time period is 3 years, what is the interest rate?

• 10%

• 6.67%

• 7%

• 5%