Simple Interest Quiz 19 (10 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. What is Simple interest?

Correct Answer: A) Simple interest is the extra money you pay to the bank or the amount the bank pays to you.

2. Timmi puts $ 300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?

Correct Answer: C) 12.

3. Ashley has $ 2,500 in a savings account. The interest rate is 7% per year, how much interest will she earn after 1 year? (I=Prt)

Correct Answer: D) $ 175.

4. What is the interest earned if your initial investment was $ 526 at 3% for 6 years?

Correct Answer: B) $ 94.68.

5. What does the R in I =PRT mean?

Correct Answer: A) Rate.

6. To buy a car, Jessica borrowed $ 15,000 for 3 years at an annual simple interest rate of 9%. What is the total amount that she will repay?

Correct Answer: C) $ 19,050.

7. Find the simple interest:Principal: $ 6,000Interest Rate: 5%Time: 6 months

Correct Answer: A) $ 150.

8. In what time would a sum double itself at 5% simple interest?

Correct Answer: B) 20 years.

9. How many years would it take to earn $ 62 in interest at a rate of 14% if your original investment was $ 72?

Correct Answer: D) About 6 Years.

10. A bank is offering 2.5% simple interest on a savings account. If you deposit $ 5,000, how much interest will you earn in three years?

Correct Answer: B) $ 375.