Mastering Simple Interest Concepts

Mastering Simple Interest Concepts

7th Grade

20 Qs

quiz-placeholder

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Mastering Simple Interest Concepts

Mastering Simple Interest Concepts

Assessment

Quiz

Others

7th Grade

Medium

Created by

Avanish Pandey

Used 1+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the simple interest on a principal of $500 at a rate of 5% for 3 years?

$100

$150

$50

$75

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you earn $60 as simple interest on a loan of $800, what is the interest rate?

5%

10%

12.5%

7.5%

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Calculate the time period if the simple interest is $120, the principal is $600, and the rate is 4%.

1.25 years

3 years

0.5 years

2 years

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Using the formula for simple interest, calculate the interest earned on $1,000 at 6% for 2 years.

$200

$80

$120

$60

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A sum of $1,200 is invested at a simple interest rate of 3% per annum. How much interest will be earned in 5 years?

$180

$300

$240

$150

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the simple interest earned is $150 and the principal is $1,000, what is the time period at an interest rate of 5%?

2 years

3 years

5 years

4 years

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Determine the interest rate if a principal of $2,000 earns $300 in 4 years as simple interest.

2.5%

4%

3.75%

5%

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