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Simple Interest Quiz

Authored by Gina Randol

Mathematics

8th Grade

CCSS covered

Used 1+ times

Simple Interest Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating simple interest?

I = P + rt

I = Prt

I = P / rt

I = P - rt

Tags

CCSS.7.RP.A.3

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the formula for total amount A = P + I, what does 'P' stand for?

Principal

Percentage

Profit

Payment

Tags

CCSS.7.RP.A.3

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If $3000 is invested for 1 year at a rate of 5%, how much interest is earned?

$150

$300

$15

$30

Tags

CCSS.7.RP.A.3

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the total amount after 1 year if $3000 is invested at a rate of 5%?

$3150

$3050

$3005

$3500

Tags

CCSS.HSF.BF.A.2

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For a loan of $5,500 with a 14% interest rate, what is the formula to calculate the interest for a 90-day period?

Interest = $5500 * 0.14 * (90/365)

Interest = $5500 + 0.14 * (90/365)

Interest = $5500 / 0.14 * (90/365)

Interest = $5500 - 0.14 * (90/365)

Tags

CCSS.7.RP.A.3

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Ryan deposited $2,000 in a saving account at the interest rate of 4% per year. How much simple interest will he earn in 5 years?

$800

$1,000

$450

$400

Tags

CCSS.7.RP.A.3

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Garcia borrowed $4,000 from his cousin Susan at the rate of 8% per annum. He repaid the amount after two years. How much did he repay?

$640

$6,640

$4,640

$3,360

Tags

CCSS.7.RP.A.3

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