1. Number and Algebra
Simple Interest — Quiz
Test your understanding of simple interest with 5 practice questions.
Practice Questions
Question 1
What is simple interest mainly based on?
Question 2
Which formula gives the simple interest earned?
Question 3
A principal of $500$ is invested at a simple interest rate of $4\%$ per year for $3$ years. What is the interest earned?
Question 4
A loan uses simple interest with $P = 800$ and $r = 0.05$ per year. What is the total amount after $2$ years?
Question 5
In the formula $I = Prt$, what does $r$ represent?