Simple Interest Calculations Quiz
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Questions and Answers

What is the simple interest earned on a principal of $250 at an interest rate of 2.85% over 3 years?

  • $24.75
  • $12.00
  • $18.90
  • $21.38 (correct)
  • How much simple interest is earned on a principal of $1,000 at a 7% interest rate over 2 years?

  • $100
  • $120
  • $140 (correct)
  • $70
  • For a principal of $2,700 at an interest rate of 8.2% over 3 months, which measurement is needed to calculate simple interest?

  • Use the final amount
  • Add the interest to the principal
  • Double the interest rate
  • Convert months to years (correct)
  • What is the method to calculate simple interest?

    <p>Principal × Rate × Time</p> Signup and view all the answers

    Which of the following factors affects the calculation of simple interest?

    <p>Principal amount, interest rate, and time period</p> Signup and view all the answers

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