Simple Interest
Quiz by Katherine Edson
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- Q1
What does the I stand for in I = P x r x T
Interest Rate
Time
Interest Earned
Principal
30sEditDelete - Q2
Calculate the FINAL BALANCE if the principal amount is $15, 400, interest rate is 14% and the amount of time is 4 years.
$25,000
$2,000
$24,024
$23.24
30sEditDelete - Q3
What does the "r" represent in the Simple Interest Formula? I = prt
Rate
Time
Account Balance
Interest
30sEditDelete - Q4
Calculate the INTEREST if the principal amount is $51,000 interest rate is 16% and the amount of time is 2 years.
$600
$16,320
$1
$0
30sEditDelete - Q5
Calculate the simple INTEREST: Principal = $43,000 Rate = 8% T = 4 years.
$13,760
$367
$1
$0
30sEditDelete - Q6
Calculate the FINAL BALANCE: Principal = $26,900 Rate = 6% Time = 3 years
$31,742
$3742
$37
$375
30sEditDelete - Q7
What is the total amount to be paid on a 7 year, $35,000 loan at 7% p.a.?
$49700
$47700
$45700
$50700
30sEditDelete - Q8
If a simple interest loan earns $2400 after 6 years at a 5% interest rate, what was the principal amount?
$7500
$8000
$7750
$8500
30sEditDelete - Q9
If a simple interest loan earns $412.50 after 3 years at a 2.75% interest rate, what was the principal amount?
$4500
$6000
$5000
$5500
30sEditDelete