Calculating Simple Interest & Principal: 7th Grade Quiz

Maria invests $500 in a savings account that earns 5% simple interest per year. How much interest will she earn in 3 years?

• $100

• $75

• $150

• $50

John borrows $1,200 from a bank at a simple interest rate of 4% per year. What will be the total amount he needs to pay back after 2 years?

• $1,440

• $1,320

• $1,296

• $1,200

A car dealership offers a loan of $10,000 at a simple interest rate of 6% for 5 years. What is the total interest paid at the end of the loan period?

• $2000

• $1500

• $5000

• 3000

Samantha deposits $800 into a fixed deposit account with a simple interest rate of 3% per year. How much interest will she earn after 4 years?

• $96

• $120

• $72

• $48

If you invest $1,000 at a simple interest rate of 7% for 2 years, what will be the total amount in the account at the end of the investment period?

• $1,200

• $1,070

• $1,140.50

• $1,140

A student takes a loan of $500 at a simple interest rate of 5% for 1 year. What is the principal amount if the total amount to be paid back is $525?

• 450

• 525

• 500

• 600

Emily invests $2,000 in a bond that pays 4% simple interest annually. How much interest will she earn after 6 years?

• $600

• $360

• $240

• $480

A business takes a loan of $15,000 at a simple interest rate of 8% for 3 years. What is the total interest that will be paid on the loan?

• 3000

• 3600

• 4800

• 2400

If a principal amount of $750 earns $45 in simple interest over 3 years, what is the interest rate?

• 2%

• 1.5%

• 4.5%

• 3%

Mark invests $1,500 in a savings account with a simple interest rate of 5% per year. How much interest will he earn in 5 years?

• $150

• $375

• $500

• $250