
Simple Interest Practice
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Mathematics
8th Grade
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15 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If the principal is $2,000, the interest rate is 4%, and the time is 5 years, what is the total interest earned?
$200
$300
$400
$500
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What does the 't' in the simple interest formula I = P * r * t represent?
The total amount of interest earned
The time in years for which the money is borrowed or invested
The rate of interest per year
The principal amount of money invested
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
How do you convert a percentage to a decimal?
Multiply the percentage by 100.
Divide the percentage by 10.
Divide the percentage by 100.
Add 0.01 to the percentage.
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is the total amount to be paid back if you borrow $3,000 at a 6% simple interest rate for 4 years?
$3,720
$3,600
$3,840
$3,500
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If you invest $1,000 at a 5% simple interest rate for 3 years, how much interest will you earn?
$100
$150
$200
$250
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What does the 'P' in the simple interest formula I = P * r * t represent?
The total amount of interest earned
The Principal amount, which is the initial sum of money borrowed or invested.
The rate of interest applied to the principal
The time period for which the money is borrowed or invested.
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
How do you calculate the total amount after interest is added?
Total Amount = Principal + Interest
Total Amount = Principal - Interest
Total Amount = Principal x Interest
Total Amount = Principal / Interest
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