What is the formula for calculating simple interest?
Understanding Interest Calculations

Quiz
•
Mathematics
•
11th Grade
•
Hard
Vivian Humilde
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Interest = Rate × Time
Interest = Principal × Rate × Time
Interest = Principal ÷ Rate × Time
Interest = Principal + Rate + Time
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you invest $1,000 at a simple interest rate of 5% for 3 years, how much interest will you earn?
$150
$75
$200
$100
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for calculating compound interest?
A = P(1 + r)^t
A = P(1 + rt)
A = P(1 + r/n)^(n)
A = P(1 + r/n)^(nt)
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you invest $1,000 at a compound interest rate of 5% compounded annually for 3 years, how much will you have at the end?
1100.50
1157.63
1000.00
1200.00
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Compare the total amount earned from simple interest and compound interest for an investment of $1,000 at 5% over 3 years.
Total amount from simple interest is $1,100 and from compound interest is $1,150.
Total amount from simple interest is $1,200 and from compound interest is $1,250.
Total amount from simple interest is $1,180 and from compound interest is $1,190.
Total amount from simple interest is $1,150 and from compound interest is $1,157.63.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A loan of $2,000 is taken at a simple interest rate of 6% for 4 years. How much total amount will be paid back?
$2480
$3000
$2600
$2400
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you invest $500 at a compound interest rate of 4% compounded quarterly for 2 years, what will be the total amount?
541.43
500.00
600.00
550.25
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