Simple Interest Quiz

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

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

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

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

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

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

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

Tracy put $3,500 into an investment yielding 4.5% annual interest. She left the money in for 8 years. How much interest does she get in those 8 years?

• $1,260

• $4,760

• $2,240

• $1,860

Tags

CCSS.7.RP.A.3

Anna invested $2,500 at an annual rate of 5%. How long will it take until Anna earns $1,125 in interest?

• 5 years

• 8 years

• 10 years

• 9 years

Tags

CCSS.6.EE.B.7

Jerry invested $1500 in an account that paid him 8.25% simple interest, what will the balance of his account be after 6 years?

• $742.50

• $2242.50

• $2150

• $3265.55

Tags

CCSS.7.RP.A.3