Simple Interest Calculations Quiz
5 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the simple interest for a principal of $1,000 at an interest rate of 7% over 2 years?

  • $100
  • $70
  • $150
  • $140 (correct)

    • What is the correct formula for calculating simple interest?

  • (Principal × Rate) + Time
  • Principal × Rate × Time (correct)
  • Principal + (Principal × Rate × Time)
  • Principal × (Rate + Time)

    • How much interest is earned on a principal of $250 at an interest rate of 2.85% over 3 years?

  • $19.25
  • $8.55
  • $27.50
  • $21.37 (correct)

    • If the interest rate is increased to 10% for the same principal of $1,000 over 2 years, what is the new simple interest amount?

    <p>$200</p> Signup and view all the answers

    Which of the following factors does NOT affect the calculation of simple interest?

    <p>Market conditions</p> Signup and view all the answers

    More Like This

    Simple Interest Terms and Definitions
    13 questions

    Simple Interest Terms and Definitions

    FreshestMagicRealism avatar
    FreshestMagicRealism
    Simple Interest Calculations Quiz
    5 questions

    Simple Interest Calculations Quiz

    FearlessHarpy1764 avatar
    FearlessHarpy1764
    Simple Interest Concepts and Formulas
    56 questions

    Simple Interest Concepts and Formulas

    UnmatchedComplex avatar
    UnmatchedComplex
    Simple Interest Calculation Quiz
    5 questions

    Simple Interest Calculation Quiz

    MeaningfulMaxwell avatar
    MeaningfulMaxwell
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser