Mastering Simple Interest Concepts

What is the simple interest on a principal of $200 at a rate of 5% for 3 years?

• $50

• $15

• $20

• $30

If the simple interest earned is $60 and the principal is $300, what is the interest rate?

• 15%

• 20%

• 25%

• 30%

A loan of $500 is taken for 4 years at a simple interest rate of 6%. How much interest will be paid?

• $100

• $150

• $120

• $60

If you want to earn $50 in interest from a principal of $400, what interest rate do you need over 2 years?

• 6.25%

• 7.5%

• 5%

• 8%

Calculate the time period if the principal is $800, the interest is $120, and the rate is 3%.

• 4 years

• 6 years

• 5 years

• 10 years

What is the principal amount if the simple interest is $90, the rate is 4%, and the time is 5 years?

• 600

• 450

• 300

• 150

If you invest $1,000 at a simple interest rate of 7% for how many years will you earn $140 in interest?

• 5 years

• 1 year

• 3 years

• 2 years

A student borrowed $250 at a simple interest rate of 8% for how long if they paid $40 in interest?

• 1 year

• 5 years

• 3 years

• 2 years

If the principal is $600 and the interest earned is $90 over 3 years, what is the interest rate?

• 10%

• 5%

• 7%

• 3%

What is the total amount to be paid back if a principal of $1,200 is borrowed at a rate of 5% for 2 years?

• $1,500

• $1,320

• $1,100

• $1,200