Simple Interest Practice
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•10 Qs
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Simple Interest Practice
Quiz
•
Mathematics
•
7th Grade
•
Medium
Standards-aligned
Carl Johnson
Used 51+ times
FREE Resource
About this resource
Explore the world of finance with our "Simple Interest Practice" quiz, crafted specifically for 7th-grade mathematics enthusiasts! Created by Carl Johnson, this engaging assessment features 10 multiple-choice questions designed to challenge your understanding of simple interest calculations. Aligned with standard 7.13.E, this medium-difficulty quiz will have you calculating interest on principal amounts, determining total investment values, and solving intriguing interest-related word problems. Whether you're a student eager to sharpen your skills or a teacher looking for a valuable classroom resource, this quiz is your ticket to mastering simple interest concepts. Understanding the simple interest formula, I = P × R × T, is crucial for building financial literacy. This quiz will guide you through calculating interest using various principal amounts, rates, and time periods. You'll learn to convert percentages to decimals, find missing variables, and calculate total amounts after interest is applied. These skills are essential for 7th graders, providing a solid foundation for more complex financial concepts in later grades. By practicing with different numerical values, you'll reinforce your ability to apply the formula and solve real-world problems, setting you on the path to financial savvy. Ready to conquer simple interest? Quizizz makes learning interactive and fun, offering immediate feedback and allowing you to practice at your own pace. With various question formats and difficulty levels, Quizizz challenges students while making math practice engaging through gamification. Whether in the classroom or learning remotely, Quizizz is accessible and empowering, helping teachers track progress and identify areas for improvement. So, gear up for an adventurous learning journey and let Quizizz transform your math practice into an exciting quest for knowledge!
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
3 mins • 10 pts
Calculate the simple interest on a principal amount of $500 at an interest rate of 5% per year for a period of 3 years.
$150
$100
$75
$50
Answer explanation
To calculate simple interest, use the formula: Interest = Principal x Rate x Time. Here, Interest = $500 x 0.05 x 3 = $75. Thus, the correct answer is $75.
Tags
7.13.E
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Find the simple interest on a loan of $1000 at an interest rate of 8% per year for a duration of 2 years.
160
200
400
80
Answer explanation
To calculate simple interest, use the formula: Interest = Principal × Rate × Time. Here, Interest = $1000 × 0.08 × 2 = $160. Thus, the correct answer is 160.
Tags
7.13.E
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A sum of $800 is invested at an interest rate of 6% per year. Calculate the simple interest earned after 4 years.
$24
$120
$480
$192
Tags
7.13.E
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A person borrows $1200 at an interest rate of 7% per year. Find the simple interest after 5 years.
$420
$350
$500
$600
Tags
7.13.E
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Find the simple interest on a loan of $2000 at an interest rate of 6% per year for a duration of 4 years.
480
800
400
1200
Tags
7.13.E
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A sum of $1000 is invested at an interest rate of 4% per year. Calculate the simple interest earned after 3 years.
$40
$80
$160
$120
Answer explanation
To calculate simple interest, use the formula: Interest = Principal × Rate × Time. Here, Interest = $1000 × 0.04 × 3 = $120. Therefore, the correct answer is $120.
Tags
7.13.E
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A person borrows $800 at an interest rate of 5% per year. Find the simple interest after 2 years.
$40
$120
$160
$80
Answer explanation
To find simple interest, use the formula: Interest = Principal × Rate × Time. Here, Interest = $800 × 0.05 × 2 = $80. Thus, the simple interest after 2 years is $80.
Tags
7.13.E
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