Simple Interest Quiz

Benjamin borrowed some money from Daniel. If the rate of interest is R and the time period is T, what is the formula for calculating the simple interest that Benjamin needs to pay back to Daniel?

• I = P * R

• I = P * T

• I = P * R * T

• I = R * T

Tags

CCSS.6.EE.B.7

Olivia invested $500 in a savings account with an interest rate of 5%. If she leaves the money in the account for 3 years, how much simple interest will she earn?

• 150

• 50

• 100

• 75

Tags

CCSS.7.RP.A.3

Benjamin borrowed $1000 from Arjun at an interest rate of 8%. If the simple interest accrued is $240, for how many years did Benjamin borrow the money?

• 15.5

• 10

• 30

• 20.5

Tags

CCSS.6.EE.B.7

If the principal amount is $1500, the time period is 5 years, and the interest rate is 7%, what is the simple interest?

Tags

CCSS.7.RP.A.3

Benjamin invests $2000 in a savings account with an interest rate of 10%. If he earns $400 in simple interest, how long did he keep the money in the account?

• 6

• 4

• 8

• 2

Tags

CCSS.7.RP.A.3

Olivia would like to buy some new furniture for her home. She decides to buy the furniture on credit with 9.5% interest compounded quarterly. If she spent $7,400, how much total will she have paid after 8 years?

• $15,415.94       LeBron James
• $15,683.28            Chase Utley
• $15,927.56       Serena Williams
• $16,349.72            Tom Brady

Find the balance in the account after the given period.

$12,000 principal earing 4.8% compounded annually after 7 years.

• $3,243.19

• $16,661.35

• $15,243.19

• $4,661.35

Your 6 year investment of $40,000 at 14% compounded quarterly is worth how much now?

• $928,488.27

• $49,170.21

• $91,333.14

• $51,333.14

Will deposits $1650 for three years at 3% interest, compounded daily. What is his ending balance?

• $1,700.25

• $4,056.85

• $2,103.87

• $1,805.38

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

• $160

• $800

• $80,000

• $16

Tags

CCSS.7.RP.A.3