Solving Simple Interest Quiz

Calculate the simple interest on a principal amount of php 2000 at an interest rate of 5% for 3 years.

• php 150

• php 400

• php 250

• php 300

If the simple interest on a certain sum of money for 2 years at 4% per annum is php 80, find the principal amount.

• P = php 500

• P = php 2000

• P = php 1000

• P = php 1500

What is the simple interest on php 3000 at 6% per annum for 4 years?

• php 900

• php 450

• php 600

• php 720

Find the time period if the principal amount is php 5000, the simple interest is php 1000, and the interest rate is 10%.

• 2 years

• 1 year

• 5 years

• 3 years

Use the simple interest formula to calculate the interest on a principal amount of php 1500 at an interest rate of 8% for 5 years.

• php 800

• php 400

• php 200

• php 600

Calculate the interest using the simple interest formula on php 2500 at 9% per annum for 2 years.

• php 450

• php 900

• php 225

• php 50

What is the best definition of simple interest?

• Interest calculated based on the borrower's credit score

• Interest calculated only on the initial principal

• Interest calculated on both principal and accumulated interest

• Interest calculated only on the final amount

What are the key components involved in calculating simple interest?

• Principal amount, interest rate, and inflation rate

• Interest rate, inflation rate, and time period

• Principal amount, interest rate, and time period

• Principal amount, compound interest, and time period

What refers to the a person (or institution) who owes the money or avails of the funds from the lender?

• borrower
• creditor
• investor
• lender

What is the simple interest on php 5000 at 8% per annum for 3 years?

• php 1200

• php 1000

• php 1500

• php 2000