Simple Interest Skills 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 2 years, what is the simple interest?

• $25

• $50

• $75

• $100

If the principal amount is $1000, the simple interest is $50, and the time period is 3 years, what is the interest rate?

• 5%

• 4%

• 3%

• 2%

If the principal amount is $800, the interest rate is 8%, and the time period is 5 years, what is the total amount after 5 years?

• $1050

• $960

• $1000

• $1120

If the principal amount is $1200, the interest rate is 10%, and the total amount after 3 years is $1560, what is the interest amount?

• $360

• $180

• $400

• $240

If the principal amount is $600, the interest rate is 6%, and the interest amount is $72, what is the time period?

• 5 years

• 3 years

• 2 years

• 4 years

If the interest amount is $25, the interest rate is 2.5%, and the time period is 4 years, what is the principal amount?

• $200

• $250

• $300

• $275

If the principal amount is $900, the interest rate is 4%, and the time period is 6 years, what is the simple interest?

• $216

• $150

• $200

• $180

If the simple interest is $30, the interest rate is 3%, and the time period is 10 years, what is the principal amount?

• 1500

• 2000

• 500

• 1000

If the principal amount is $700, the interest rate is 7%, and the time period is 8 years, what is the total amount after 8 years?

• $1,200

• $1,316

• $1,500

• $1,000