Quiz: Simple Interest Practice Questions (set 1)

This quiz consists of questions designed to test your understanding of simple interest concepts, as explained in the video on this page. Since these questions involve lots of calculations, feel free to use a calculator. However, please avoid using any other external resources to assist in solving the questions. If your answers are incorrect, you can retake the quiz and attempt to get them all correct. The primary goal of this quiz is to help students master the concept of simple interest. The difficulty level ranges from basic to medium. If you notice any errors in the questions or answers, please leave a comment. Enjoy the quiz!

1. 
If a sum of money earns simple interest of \$1,200 in 4 years at a rate of 5% per annum, what is the principal amount?

2. 
A sum of money is invested at simple interest for 3 years and grows to \$7,800. If the principal amount was \$6,000, what is the rate of interest per annum?

3. 
A loan of \$3,000 is taken at a simple interest rate of 6% per annum. How much will be paid back after 4 years?

4. 
A principal of \$4,000 is invested for 6 years at simple interest. If the interest earned is \$1,200, what is the annual rate of interest?

5. 
A person takes a loan of \$15,000 at simple interest for 3 years at a rate of 8% per annum. How much will he pay back in total?

6. 
A sum of \$4,000 is invested at a simple interest rate of 6% per annum. What is the interest earned after 18 months?

7. 
A person invests \$10,000 at a simple interest rate of 0.8% per month for 2.5 years. What will be the total interest earned?

8. 
A person invests a total amount of \$15,000 in two parts. One part is invested at 6% simple interest for 3 years, and the other part at 8% simple interest for 2 years. The total interest earned is \$2,600. How much was invested at 6% and how much at 8%?

9. 
A sum of money doubles in 10 years at simple interest. What is the rate of interest per annum?

10. 
A sum of money triples in 25 years at simple interest. What is the rate of interest per annum?

Leave a Reply

Your email address will not be published. Required fields are marked *