simple interest & compound interest

simple interest & compound interest

3rd Grade

10 Qs

quiz-placeholder

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simple interest & compound interest

simple interest & compound interest

Assessment

Quiz

Mathematics

3rd Grade

Hard

Created by

lyanaismaaa 07

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

what is the correct answer about definition of simple interest?

  1. Simple Interest is based on the compound interest formula.

Simple Interest is a straightforward way to calculate interest. It involves multiplying the principal by the interest rate and the time period (converted to years) between payments.

Simple Interest is calculated by adding the principal and interest rate

Simple Interest remains constant regardless of the time period

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

what is the correct answer about "P" in formula of simple interest?

I = Prt =Pxrxt

(P)?

  1. In the Simple Interest formula, "P" represents the interest rate.


  1. The "P" in the Simple Interest formula signifies the time duration.

  1. Simple Interest formula interprets "P" as the total interest earned.

P = Principal ( Amount of money borrowed, deposited or invested)

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

what is the correct answer formula of simple amount ?

S = P (1 - rt)

or

S = P + I

S = P / (1 + rt)

or

S= P+I

S = P (1+rt)

or

S = P(I)

S = P (1 + rt )

or

S= P + I

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

what is the correct answer "r" in formula simple interest?

I = Prt =Pxrxt

(r)?

  1. Simple Interest formula interprets "r" as the total interest earned.

  1. In the Simple Interest formula, "r" represents the time duration.

In the Simple Interest, "r" signifies the interest rate applied to the principal amount.

The "r" in the Simple Interest formula stands for the principal amount

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

what is the correct answe about "t" in formula simple interest?

I = Prt =Pxrxt
(t)?

"t" represents the time duration or length in years, indicating the period for which the interest is calculated.

  1. In the Simple Interest formula, "t" represents the total interest earned.

  1. The "t" in the Simple Interest formula stands for the principal amount.

Simple Interest formula mistakenly interprets "t" as the time elapsed between payments in days

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

what is the correct answer about definition of compound interest ?

Compound interest grows faster than simple interest as it considers both the initial principal and accumulated interest.

  1. Compound interest is solely based on the initial principal amount, excluding any accumulated interest.


  1. Compound interest is calculated without considering the growth of the sum over time


  1. Unlike simple interest, compound interest doesn't involve the concept of "interest on interest" and grows at the same rate.

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

what is the correct answer about formula of compound interest?

S = P / (1 + i).

S = P + li

S=P(l+i)

S = P - li

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