Quiz about Simple Interest and Investments

Question 1

If the principal amount is $1500, the time period is 5 years, and the simple interest is $375, what is the interest rate?

Accepted Answer

5%

Answer

20%

Answer

15%

Answer

10%

Question 2

If the interest rate is 4%, the time period is 3 years, and the simple interest is $120, what is the principal amount?

Accepted Answer

1000

Answer

400

Answer

300

Answer

200

Question 3

If the principal amount is $4000, the interest rate is 9%, and the time period is 2 years, what is the simple interest?

Accepted Answer

720

Answer

900

Answer

360

Answer

540

Question 4

Dan borrowed $2,000 for 6 months at a 12% annual simple interest rate. How much interest is that? Remember your time has to be in YEARS!! (6 months is half = .50 years)

Accepted Answer

$120

Answer

$144

Answer

$1,200

Answer

$1,440

Question 5

Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% in simple interest. What will be his total balance after 15 years?

Accepted Answer

$745.75

Answer

$270.75

Answer

$2,707.50

Answer

$846.80

Question 6

If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?

Accepted Answer

divide the months by 12

Answer

divide 12 by the months

Answer

multiply 12 times the months

Answer

change the months to a decimal

Question 7

Determine the simple interest earned: p= $2000 r= 4.6% t= 4 years

Accepted Answer

$368.00

Answer

$2370.00

Answer

$348.00

Answer

$2368.00

Question 8

Christian opened a savings account with $3250. His account will earn 5.2% simple interest. How much money will be in his account after 6 years?

Accepted Answer

$4,264.00

Answer

$1,104.00

Answer

$1,100.00

Answer

$4,400.00

Question 9

Sofia deposited $1,700 into a savings account that accumulates 1.8% interest. If she keeps the money in the account for 7 years, what is the total amount of money in the account?

Accepted Answer

$1,914.20

Answer

$214.20

Answer

$21,420.00

Answer

$23,120.00

Question 10

Sarah has $45,000 in student loans. if there is a 6% interest rate, what is the total amount will she pay back in interest over 10 years?

Accepted Answer

$72,000

Answer

$27,000

Answer

$270,000

Answer

$315,000

Question 11

How much interest is earned on a principle of $267 invested at an interest rate of 6% for six years?

Accepted Answer

$96.12

Answer

$50.87

Answer

$112.00

Answer

$18.96

Question 12

You take out a loan for $523 at an interest rate of 9% for five years. What is the total amount that you will have at the end of the five years?

Accepted Answer

$758.35

Answer

$763

Answer

$750.98

Answer

$765

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