Simple Interest Quiz
Interactive Video
•
Mathematics
•
6th - 7th Grade
•
Practice Problem
•
Hard
Jennifer Brown
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula used to calculate simple interest?
I = P + R + T
I = P * R * T
I = P / R / T
I = P - R - T
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the formula for simple interest, what does 'P' stand for?
Profit
Principal
Percentage
Period
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How much interest does Arnold earn after 5 years with a principal of $700 and a rate of 6%?
$210
$42
$35
$420
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the decimal equivalent of a 6% interest rate?
0.006
6.0
0.06
0.6
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How much interest does Arnold earn in 6 months with a principal of $700 and a rate of 6%?
$14
$35
$21
$42
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is time represented in the simple interest formula?
In years
In days
In months
In weeks
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fred deposits $1,200 at a 5% interest rate. How much interest will he earn in 6 years?
$720
$600
$360
$300
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