3 Questions
What does the 'P' represent in the formula for calculating simple interest?
Principal amount
Which formula is used to calculate simple interest?
A = P(1 + rt)
If the principal amount is $500, the interest rate is 5%, and the time period is 2 years, what is the total amount of simple interest?
$100
Test your knowledge on simple interest with this quiz! Challenge yourself with questions about the formula used to calculate simple interest, the meaning of 'P' in the formula, and a real-life scenario to calculate the total amount of simple interest.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
