Task 3: Unit 2: Lesson 3 Simple Interest

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Test your knowledge on simple interest word problems using I=PRT!

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Kristine Vester

United States

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Task 3: Unit 2: Lesson 3 Simple InterestVersion en ligne Test your knowledge on simple interest word problems using I=PRT! par Kristine Vester 1 What does the 'P' in the formula I=PRT represent? a Interest rate b Total amount c Time period d Principal amount 2 In the formula I=PRT, what does 'R' stand for? a Rate of interest b Principal amount c Total amount d Time period 3 If you invest $500 at a 5% interest rate for 3 years, what is the interest earned? I=PRT a $100 b $150 c $75 d $50 4 If the principal is $1,000, rate is 4%, and time is 2 years, what is the interest? I=PRT a $40 b $60 c $80 d $100 5 If the interest earned is $450, the principal is $1,500, and the rate is 3%, what is the time period? a 20 years b 5 years c 10 years d 15 years 6 Which of the following is NOT a component of the simple interest formula? a Compound interest b Time c Rate d Principal 7 What do you earn when you have money in a Savings Account? a Rewards points for spending. b Interest paid by the bank. c Dividends from stocks. d Fees for account maintenance. 8 Who pays interest when borrowing money? a The borrower pays interest to the government. b The lender pays interest to the borrower. c The bank pays interest to the government. d The borrower pays interest to the lender. 9 Why do banks pay interest on Savings Accounts? a To cover operational costs. b To attract more customers. c To comply with government regulations. d For the temporary use of deposited money. 10 What happens when you borrow money? a You incur a debt and pay interest. b You gain equity in an asset. c You receive a bonus from the lender. d You earn dividends on your loan. 11 What type of account typically earns interest? a Credit Card Account. b Loan Account. c Checking Account. d Savings Account. 12 What is interest? a A fee for late payments. b A penalty for borrowing. c A tax on savings. d Money paid regularly for the use of borrowed money. 13 What does maturity refer to in a loan? a The duration of the loan. b When the loan is due for repayment. c The interest rate applied. d The amount of money borrowed. 14 What is the principal in a loan? a The amount of money borrowed. b The repayment schedule. c The total interest paid. d The maturity date. 15 How is simple interest calculated? a Interest that compounds over time. b Interest based on total loan amount. c Interest paid annually on the principal amount. d Interest calculated monthly. 16 What is the relationship between risk and interest rates? a Higher risk leads to higher interest rates. b Interest rates are fixed regardless of risk. c Lower risk leads to higher interest rates. d Risk does not affect interest rates. 17 What must be paid back at maturity? a Only the interest amount. b Only the principal amount. c A penalty fee. d All borrowed money plus interest. 18 What type of interest is calculated only on the principal? a Fixed interest. b Simple interest. c Compound interest. d Variable interest. 19 What does a higher interest rate indicate? a A longer repayment period. b Lower risk associated with the loan. c Increased risk associated with the loan. d A government-backed loan.

Task 3: Unit 2: Lesson 3 Simple InterestVersion en ligne

Test your knowledge on simple interest word problems using I=PRT!

par Kristine Vester

What does the 'P' in the formula I=PRT represent?

Interest rate

Total amount

Time period

Principal amount

In the formula I=PRT, what does 'R' stand for?

Rate of interest

Principal amount

Total amount

Time period

If you invest $500 at a 5% interest rate for 3 years, what is the interest earned? I=PRT

$100

$150

$75

$50

If the principal is $1,000, rate is 4%, and time is 2 years, what is the interest? I=PRT

$40

$60

$80

$100

If the interest earned is $450, the principal is $1,500, and the rate is 3%, what is the time period?

20 years

5 years

10 years

15 years

Which of the following is NOT a component of the simple interest formula?

Compound interest

Time

Rate

Principal

What do you earn when you have money in a Savings Account?

Rewards points for spending.

Interest paid by the bank.

Dividends from stocks.

Fees for account maintenance.

Who pays interest when borrowing money?

The borrower pays interest to the government.

The lender pays interest to the borrower.

The bank pays interest to the government.

The borrower pays interest to the lender.

Why do banks pay interest on Savings Accounts?

To cover operational costs.

To attract more customers.

To comply with government regulations.

For the temporary use of deposited money.

What happens when you borrow money?

You incur a debt and pay interest.

You gain equity in an asset.

You receive a bonus from the lender.

You earn dividends on your loan.

What type of account typically earns interest?

Credit Card Account.

Loan Account.

Checking Account.

Savings Account.

What is interest?

A fee for late payments.

A penalty for borrowing.

A tax on savings.

Money paid regularly for the use of borrowed money.

What does maturity refer to in a loan?

The duration of the loan.

When the loan is due for repayment.

The interest rate applied.

The amount of money borrowed.

What is the principal in a loan?

The amount of money borrowed.

The repayment schedule.

The total interest paid.

The maturity date.

How is simple interest calculated?

Interest that compounds over time.

Interest based on total loan amount.

Interest paid annually on the principal amount.

Interest calculated monthly.

What is the relationship between risk and interest rates?

Higher risk leads to higher interest rates.

Interest rates are fixed regardless of risk.

Lower risk leads to higher interest rates.

Risk does not affect interest rates.

What must be paid back at maturity?

Only the interest amount.

Only the principal amount.

A penalty fee.

All borrowed money plus interest.

What type of interest is calculated only on the principal?

Fixed interest.

Simple interest.

Compound interest.

Variable interest.

What does a higher interest rate indicate?

A longer repayment period.

Lower risk associated with the loan.

Increased risk associated with the loan.

A government-backed loan.