Simple Interest Quiz

What is simple interest?

• Money borrowed

• Extra money earned or paid on money

• Total money

• Cost price

The formula for simple interest is:

• SI = P × R × T

  _______

  100

• SI = P + R + T

• SI = P × R ÷ T

  _______

  200

• SI = P + R × T

  _______

  150

What does P stand for in simple interest?

• Profit

• Principal

• Price

• Percentage

What does R represent?

• Rate

• Ratio

• Rent

• Return

What does T stand for?

• Time

• Total

• Trade

• Tax

Find the simple interest on ₦1,000 at 5% for 2 years.

• ₦50

• ₦100

• ₦150

• ₦200

SI on ₦500 at 10% for 1 year = ?

• ₦50

• ₦60

• ₦70

• ₦80

Find SI on ₦2000 at 5% for 3 years.

• ₦200

• ₦250

• ₦300

• ₦350

SI on ₦1000 at 10% for 1 year = ?

• ₦100

• ₦200

• ₦300

• ₦400

SI on ₦1500 at 4% for 2 years = ?

• ₦100

• ₦120

• ₦140

• ₦160