Simple Interest Quiz

What is the formula for calculating simple interest?

• I = P * R / T

• 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

• $125

• $100

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

• 750

• $480

• $960

• $240

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

• 5%

• 15%

• 10%

• 7.5%

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

• 2 years

• 2.5 years

• 1 year

• 3 years

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

• 400

• 500

• 300

• 200

What is the interest rate if the principal amount is $2000, the simple interest is $400, and the time period is 4 years?

• 5%

• 10%

• 20%

• 15%

What is the time period if the principal amount is $1500, the interest rate is 7%, and the simple interest is $315?

• 3

• 5

• 2

• 4

If the principal amount is $1200, the interest rate is 10%, and the time period is 3 years, what is the simple interest?

• 400

• 360

• 500

• 300

If the simple interest is $90, the interest rate is 6%, and the time period is 5 years, what is the principal amount?

• 150

• 300

• 100

• 200