Simple Interest Quiz
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Questions and Answers

What does the 'P' represent in the formula for calculating simple interest?

  • Total amount
  • Principal amount (correct)
  • Time period
  • Interest rate

    • Which formula is used to calculate simple interest?

  • A = P(1 + rt) (correct)
  • A = P - rt
  • A = P(1 - rt)
  • A = P + 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?

  • $50
  • $100 (correct)
  • $250
  • $125

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