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Simple Interest
Test Description: Practicing simple interest
Instructions: Answer all questions to get your test result.
1) Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?
A
$1350
B
$1392
C
$192
D
$150
2) Given Principal = $500, Interest rate =5%, and Time = 5 years. What is the interest earned?
A
$95
B
$135
C
$105
D
$125
3) Dan borrowed $2,000 for 6 MONTHS at 12% annual simple interest rate. How much interest is that?
A
$120
B
$144
C
$1440
D
$1200
4) Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of that time. What rate of interest did she pay?
A
9%
B
8%
C
7%
D
6%
5) The simple interest formula is I=Prt. What does the t represent?
A
Principal
B
Time, in hours
C
Time, in years
D
Interest
6) Ann puts $300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?
A
$4
B
$16
C
$12
D
$8
7) Rachel invested $2,700 in a savings account earning 7% simple interest. If she invests for 2 years, how much money will she have in total?
A
$378
B
$3078
C
$40500
D
$4536
8) Maria borrowed $3,000 at a simple interest rate of 4% per year. How much did she have to repay after 4 years?
A
$480
B
$7800
C
$4800
D
$3480
9) How much simple interest would be earned on a savings account of $4,500 at 5.5% interest per year after 24 months?
A
$49500
B
$594000
C
$5940
D
$495
10) You invest $500 at 4% rate and receive $60 in simple interest. How many years was it invested for?
A
2 years
B
3 years
C
1 year
D
4 years
11) Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% in simple interest. What will be his balance after 15 years?
A
$846.80
B
$745.75
C
$2707.50
D
$270.75
12) Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase. The bank said that she could get a simple interest rate of 8% for 5 years. What is the total amount that Beyonce will pay for the chair?
A
$910
B
$9100
C
$2600
D
$260
*select an answer for all questions
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