Simple Interest Quiz

What is the formula for simple interest?

• I = PRT

• I = PT/R

• I = P + R + T

• I = PR/T

Tags

CCSS.7.RP.A.3

What does 'P' represent in the simple interest formula?

• Time in years

• Interest rate

• Amount invested or loaned

• Interest earned or paid

If the interest rate is given as 8.5%, what is the rate as a decimal?

• 8.5

• 0.0085

• 0.85

• 0.085

Ian is investing $5000 for 3 years at an interest rate of 6%. How much interest will he earn?

• $2700

• $9000

• $1800

• $900

Tags

CCSS.7.RP.A.3

If Shirley paid $120 in interest on a $2000 loan for 4 years, what was the interest rate?

• 3%

• 6%

• 4%

• 5%

Tags

CCSS.7.RP.A.3

Doug made a 4-year investment and earned $800 in interest at a 5% rate. What was his original investment?

• $10000

• $32000

• $16000

• $20000

Tags

CCSS.7.RP.A.3

Kim got a loan for $6000 at a 9% interest rate. If she paid $1350 in interest, how many years did it take her to pay off the loan?

• 2 years

• 4 years

• 3 years

• 5 years

Tags

CCSS.6.EE.B.7

What is the interest rate if a $3000 loan accumulates $450 in interest over 2 years?

• 12%

• 10%

• 15%

• 20%

Tags

CCSS.6.EE.B.6

If you need to find the original principal amount, what would your formula be?

• P= I/ PR

• P= I times P times T

• P = I / RT

• P = I / P+T

Tags

CCSS.6.EE.B.7

John borrowed $5000 for 5 years at an interest rate of 7%. How much interest will he pay?

• $1750

• $3500

• $7000

• $8750

Tags

CCSS.7.RP.A.3