Simple Interest Quiz

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

• $3182.50

• $270.75

• $2707.50

• $745.75

Mark took out a loan for $25,690 to purchase a new truck at a simple interest rate of 5.2%. How much interest will he pay on his truck after 5 years?

• $6,679.40

• $32,369.40

• $66,794

• $679.40

What is the principal amount if you earn $200 as simple interest at a rate of 10% per year over 4 years?

• $400

• $500

• $2000

• $5000

At what simple interest rate will $1000 grow to $1200 in 2 years?

• 5%

• 10%

• 20%

• 15%

For how many years must $1500 be invested at a simple interest rate of 4% in order to reach $240 in interest?

• 3 years

• 4 years

• 5 years

• 6 years

If you borrow $2500 at a simple interest rate of 3% per year, how much total amount will you pay back after 5 years?

• $2875

• $3750

• $2750

• $3250

What is the interest rate if a loan of $400 earns $600 in interest over 3 years?

• 4%

• 5%

• 7.5%

• 10%

Calculate the simple interest on a loan of $800 at a rate of 6% per annum for 1 year.

• $48

• $58

• $68

• $78

If $10000 is invested at a simple interest rate of 2.5% per year, how much interest will it earn in 10 years?

• $2000

• $2500

• $3000

• $3500

What principal amount, invested at a simple interest rate of 8% per year, will grow to $5400 after 3 years?

• $4000

• $4500

• $5000

• $5500