Simple Interest Practice

What is the formula for calculating simple interest?

• I = P * R * T

• I = P * R

• I = P * T

• I = 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

• 100

• 150

• 75

If the simple interest is $120, the interest rate is 8%, and the time period is 2 years, what is the principal amount?

• $480

• 750

• $240

• $960

If the principal amount is $1000, the simple interest is $200, and the time period is 4 years, what is the interest rate?

• 15%

• 10%

• 5%

• 20%

If the principal amount is $800, the interest rate is 6%, and the simple interest is $240, what is the time period?

• 2

• 5

• 3

• 4

What is the principal amount if the simple interest is $150, the interest rate is 4%, and the time period is 5 years?

• 100

• 200

• 500

• 750

What is the interest rate if the principal amount is $600, the simple interest is $90, and the time period is 3 years?

• 15%

• 10%

• 5%

• 20%

What is the time period if the principal amount is $1200, the interest rate is 10%, and the simple interest is $600?

• 5

• 2

• 3

• 4

If the principal amount is $400, the interest rate is 7%, and the time period is 2 years, what is the simple interest?

• 14

• 35

• 56

• 28

If the simple interest is $80, the interest rate is 5%, and the time period is 4 years, what is the principal amount?

• 300

• 200

• 100

• 400