Quick Simple Interest Quiz

What is the formula for calculating simple interest for a school project where Takiyah borrowed money to buy new art supplies?

• I = P - r - t/100

• I = P x r x t/100

• I = P + r + t/100

• I = P x r - t

If Adria invests $800 at an interest rate of 4% for 3 years, how much simple interest will she earn?

• $96

• $64

• $32

• $128

Tiara borrowed $1200 from Tyheire at an interest rate of 6% per annum. How much simple interest will Tiara have to pay Tyheire after 4 years?

• $320

• $240

• $200

• $288

Calculate the simple interest on a loan of $1500 at an annual interest rate of 3% for 5 years.

• $225

• $175

• $250

• $300

How do you calculate AMOUNT when doing simple interest?

Luke borrowed some money from the bank. The simple interest formula is I=Prt/100. The P represents the principal. The principal is ___________________.

• the amount of money borrowed or deposited

• the percent interest for his year

• the amount taxed

• the amount the bank owes you for being a customer at their bank

Rhaeyne received a loan with an interest rate given as a percent (%). Before using it in the simple interest formula, she must first convert it to a______.

• fraction

• decimal

• ratio

• dollar amount

In a financial literacy class, Izari.Romando, Tyheire, and other students were discussing the concept of interest. They learned that the Principal and Interest are always represented in terms of:

• fraction

• decimal

• percent

• money

Rhaeyne opened a savings account with $3250. Her account will earn 5.2% simple interest. How much money will be in her account after 6 years?

• $4,264.00

• $1,104.00

• $1,100.00

• $4,400.00

Tanniel borrowed $800 from Luke at an interest rate of 5% per annum. How much simple interest will Tanniel have to pay Luke after 3 years?

• $120

• $100

• $150

• $200