# 3010 Simple Interest Summary Quiz

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| By Anthony Nunan
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Anthony Nunan
Community Contributor
Quizzes Created: 132 | Total Attempts: 45,368
Questions: 185 | Attempts: 99

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The simple interest formula is given below in its standard form.
When asked for the amount of interest to be paid, this is the perfect formula to use. However, sometimes you will be required to find the principal, rate or time period for a loan, so rearranging this formula may make things simpler. If you are finding the principal, you may rearrange the equation so P is on the left of the equation, and I, r and t are on the right. This is sometimes called 'making P the subject'. You calculator can do this easily for you.
This quiz Read moretests your ability to find the Interest, Principal, rate, time and total amount on simple interest problems.

Questions and Answers
• 1.

### I borrow \$17000 and pay interest of \$12240 at 12% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

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• 2.

### I borrow \$19000 and pay interest of \$12540 at 6% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 3.

### I borrow \$93000 and pay interest of \$39060 at 3% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 4.

### I borrow \$77000 and pay interest of \$75460 at 7% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 5.

### I borrow \$24000 and pay interest of \$37440 at 13% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 6.

### I borrow \$95000 and pay interest of \$38000 at 5% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 7.

### I borrow \$6000 and pay interest of \$3840 at 8% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 8.

### I borrow \$16000 and pay interest of \$40800 at 17% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 9.

### I borrow \$94000 and pay interest of \$97760 at 8% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 10.

### I borrow \$8000 and pay interest of \$7040 at 11% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 11.

### I borrow \$21000 and pay interest of \$38220 at 13% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 12.

### I borrow \$22000 and pay interest of \$22000 at 10% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 13.

### I borrow \$42000 and pay interest of \$29400 at 7% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 14.

### I borrow \$65000 and pay interest of \$23400 at 3% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 15.

### I borrow \$64000 and pay interest of \$66560 at 13% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 16.

### I borrow \$54000 and pay interest of \$37800 at 5% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 17.

### I borrow \$41000 and pay interest of \$34440 at 7% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 18.

### I borrow \$50000 and pay interest of \$108000 at 18% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 19.

### I borrow \$31000 and pay interest of \$13640 at 11% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 20.

### I borrow \$48000 and pay interest of \$21120 at 4% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 21.

### I borrow \$46000 and pay interest of \$27600 at 12% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 22.

### I borrow \$88000 and pay interest of \$63360 at 8% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 23.

### I borrow \$69000 and pay interest of \$103500 at 15% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 24.

### I borrow \$85000 and pay interest of \$61200 at 18% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 25.

### I borrow \$52000 and pay interest of \$101400 at 15% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 26.

### I borrow \$25000 and pay interest of \$12000 at 12% per annum. Over what period of time (in years) did I take out the loan? (Just a number is sufficient)

Explanation
Using the Simple Interest formula, make 't' the subject, and substitute the values in for Principal, Interest and rate (as a decimal). Remember, a decimal of 0.05 is 5%. You don't need to write 'years' because the questions states that your answer is in years. It isn't 'incorrect', but it more than is required.

Rate this question:

• 27.

### I am offered a simple interest loan to start a business. I borrow \$31000 at a rate of 4% per annum over 5 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

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• 28.

### I am offered a simple interest loan to start a business. I borrow \$30000 at a rate of 8% per annum over 5 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 29.

### I am offered a simple interest loan to start a business. I borrow \$48000 at a rate of 5% per annum over 11 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 30.

### I am offered a simple interest loan to start a business. I borrow \$17000 at a rate of 5% per annum over 14 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 31.

### I am offered a simple interest loan to start a business. I borrow \$73000 at a rate of 14% per annum over 6 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 32.

### I am offered a simple interest loan to start a business. I borrow \$29000 at a rate of 15% per annum over 9 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 33.

### I am offered a simple interest loan to start a business. I borrow \$60000 at a rate of 18% per annum over 10 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 34.

### I am offered a simple interest loan to start a business. I borrow \$5000 at a rate of 18% per annum over 13 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 35.

### I am offered a simple interest loan to start a business. I borrow \$13000 at a rate of 13% per annum over 6 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 36.

### I am offered a simple interest loan to start a business. I borrow \$4000 at a rate of 12% per annum over 5 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 37.

### I am offered a simple interest loan to start a business. I borrow \$9000 at a rate of 12% per annum over 13 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 38.

### I am offered a simple interest loan to start a business. I borrow \$65000 at a rate of 4% per annum over 4 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 39.

### I am offered a simple interest loan to start a business. I borrow \$79000 at a rate of 16% per annum over 12 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 40.

### I am offered a simple interest loan to start a business. I borrow \$89000 at a rate of 11% per annum over 4 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 41.

### I am offered a simple interest loan to start a business. I borrow \$98000 at a rate of 16% per annum over 5 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 42.

### I am offered a simple interest loan to start a business. I borrow \$55000 at a rate of 5% per annum over 8 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 43.

### I am offered a simple interest loan to start a business. I borrow \$36000 at a rate of 7% per annum over 10 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 44.

### I am offered a simple interest loan to start a business. I borrow \$90000 at a rate of 10% per annum over 15 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 45.

### I am offered a simple interest loan to start a business. I borrow \$53000 at a rate of 13% per annum over 9 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 46.

### I am offered a simple interest loan to start a business. I borrow \$31000 at a rate of 18% per annum over 7 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 47.

### I am offered a simple interest loan to start a business. I borrow \$66000 at a rate of 6% per annum over 9 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 48.

### I am offered a simple interest loan to start a business. I borrow \$21000 at a rate of 16% per annum over 8 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 49.

### I am offered a simple interest loan to start a business. I borrow \$99000 at a rate of 10% per annum over 9 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

• 50.

### I am offered a simple interest loan to start a business. I borrow \$58000 at a rate of 5% per annum over 13 years. How much interest will I pay on this loan?

Explanation
Using the Simple Interest formula, make 'I' the subject, and substitute the values in for Principal, rate (don't forget to convert it to a decimal - 12% per annum = 0.12) and time (in years)

Rate this question:

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• Current Version
• Mar 20, 2023
Quiz Edited by
ProProfs Editorial Team
• Nov 12, 2014
Quiz Created by
Anthony Nunan

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