Simple & Compound Interest Quiz (20 Q's)

Emilio deposits $500 into a savings account that earns a simple interest rate of 4% per year. If he leaves the money in the account for 3 years, how much interest will he earn?

• $60

• $50

• $40

• $30

A bank offers a simple interest rate of 6% per year. If Alexis deposits $1,200 into the account for 5 years, how much interest will she earn?

• $360

• $300

• $420

• $480

A loan earns $250 in simple interest over 4 years at a rate of 5% per year. What was the original amount of the loan?

• $1,250

• $1,000

• $1,500

• $1,750

Miguel invested money in an account that earns simple interest. After 6 years at an interest rate of 3%, he earned $180 in interest. How much money did he originally invest?

• $1,000

• $900

• $800

• $700

A student takes out a loan of $2,000 and pays $300 in simple interest after 3 years. What was the annual interest rate on the loan?

• 5%

• 4%

• 6%

• 3%

A savings account earns $400 in interest over 8 years. If the initial deposit was $2,500, what was the simple interest rate?

• 2%

• 1.5%

• 2.5%

• 3%

A loan of $900 earns $315 in interest at a rate of 7% per year. How many years did it take to earn this interest?

• 5 years

• 4 years

• 6 years

• 3 years

Jordan invested $4,000 at an interest rate of 2.5% per year. If he earned $500 in simple interest, how long was his money invested?

• 5 years

• 4 years

• 6 years

• 7 years

A family deposits $3,500 into a savings account with a simple interest rate of 4.2% per year. After how many years will they have earned $735 in interest?

• 5 years

• 4 years

• 6 years

• 3 years

Rosa took out a loan for $1,800 at a 6.5% simple interest rate. After 5 years, how much will she owe in total, including interest?

• $2,385

• $2,250

• $2,100

• $2,475