Simple Interest

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?

• $50

• $75

• $100

• $25

If the simple interest is $120, the interest rate is 8%, and the time period is 3 years, what is the principal amount?

• $300

• $1000

• $500

• $700

If the principal amount is $800, the simple interest is $160, and the time period is 4 years, what is the interest rate?

• 7%

• 2%

• 5%

• 3%

If the principal amount is $1000, the interest rate is 6%, and the simple interest is $120, what is the time period?

• 3 years

• 5 years

• 4 years

• 2 years

Calculate the simple interest for a principal amount of $600, interest rate of 4%, and time period of 5 years.

• $120

• $90

• $80

• $150

Identify the principal amount if the interest rate is 7%, the simple interest is $140, and the time period is 3 years.

• $800

• $500

• $666.67

• $300

Determine the interest rate if the principal amount is $1200, the simple interest is $180, and the time period is 2 years.

• 5%

• 10%

• 7.5%

• 8%

Solve for the time period when the principal amount is $1500, the interest rate is 9%, and the simple interest is $135.

• 3

• 4

• 2

• 1

Apply the simple interest formula to find the total amount when the principal amount is $2000, the interest rate is 10%, and the time period is 3 years.

• $2400

• $2100

• $2500

• $2600