Simple Interest Test Questions With Answers

10 Questions | By Rugeokin | Last updated: Sep 18, 2022 | Total Attempts: 7054

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Simple Interest Test Questions With Answers - Quiz

How quickly you can solve simple interest practice problems? Take these simple interest test questions with answers and check your problem-solving skills. This test involves using the simple interest formula, i. E. , SI = P × R × T, to find principal P, amount A, Rate R, Time in years, and Simple Interest SI. Let's begin the quiz and learn about the same topic. The quiz will not be hard for you if your basic concept is good regarding simple interests.

Questions and Answers

1.

Mr. Smith deposited $40, 000 in a bank and earned simple interest at 7 % per annum for two years. Calculate the interest earned at the end of the period.
- A.
  
  $ 4000
- B.
  
  $2800
- C.
  
  $5600
- D.
  
  $3400
- E.
  
  $200
2.

Principal + Interest = ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
3.

How much simple interest is due on a loan of US$120 for two years if the annual rate of interest is 5 ½ %.
- A.
  
  $12
- B.
  
  $13.20
- C.
  
  $26.40
- D.
  
  $26
- E.
  
  $33
4.

A man wishes to invest $1500. He can invest in uLintplus Investment club, which pays simple interest of 8%for 3 years. What is the amount in his account after 3 years?
- A.
  
  $18321
- B.
  
  $1860
- C.
  
  $1830
- D.
  
  $1524
- E.
  
  $5024
5.

Calculate the time T for $1000 to become$1300 at a rate of 5 %
- A.
  
  3 years
- B.
  
  6 years
- C.
  
  9 years
- D.
  
  6. 5 months
- E.
  
  10 years
6.

Find the sum that amounts to $2040 in 6 months at 4 %
- A.
  
  $ 200
- B.
  
  $2000
- C.
  
  $1300
- D.
  
  $2400
- E.
  
  $1020
7.

When you borrow money from the bank you pay
8.

The amount of money borrowed or invested is called
9.

.............................the percent charged or earned
10.

A sum of money at SI amounts to Rs. 815 in 3 year and Rs. 854 in 4 years. What is the sum?
- A.
  
  Rs. 690
- B.
  
  Rs. 698
- C.
  
  Rs. 700
- D.
  
  Rs. 750
- E.
  
  Rs. 780