Simple Interest Quiz

If you borrow ₦1,000 at a simple interest rate of 10% per year for 2 years, how much interest will you pay?

• ₦200

• ₦100

• ₦20

• ₦50

The formula for simple interest is:

How much interest will ₦2,500 earn at 8% per year in 3 years?

• ₦500

• ₦600

• ₦400

• ₦300

If the principal is ₦1,000, rate is 12% per year, and time is 2 years, find the simple interest.

• ₦1,200

• ₦1,000

• ₦1,500

• ₦1

The sum of the principal and the interest is called:

• Balance

• Amount

• Profit

• Loan

A boy borrowed ₦3,600 from a friend at 10% simple interest per year. How much will he pay after 2 years?

• ₦3,960

• ₦3,800

• ₦4,320

• ₦4,000

Find the simple interest on ₦1,200 for 4 years at 5% per year.

• ₦240

• ₦200

• ₦300

• ₦150

If the principal is ₦2,000, interest rate is 15% per year, and the time is 1 year, the interest is:

• ₦200

• ₦250

• ₦300

• ₦150

A girl saved ₦800 in the bank at 10% per year. How much will the bank pay her as interest after 5 years?

• ₦300

• ₦350

• ₦400

• ₦450

If a loan of ₦7,000 attracts ₦2,100 as simple interest in 3 years, find the rate percent.

• 5%

• 10%

• 7%

• 12%