Simple interest Quiz

Using a simple interest formula, A = P(1+rt), determine the final amount, if $300 were invested for 5 years at 2% interest rate.

	=	final amount
	=	initial principal balance
	=	annual interest rate (as a decimal)
	=	time (in years)

Using a simple interest formula, A = P(1+rt), determine the final amount, if $1000 were invested for 3 years at 1.5% interest rate.

	=	final amount
	=	initial principal balance
	=	annual interest rate (as a decimal)
	=	time (in years)

Using a simple interest formula, A = P(1+rt), determine the final amount, if $2345 were invested for 5 years at 1.1% interest rate.

	=	final amount
	=	initial principal balance
	=	annual interest rate (as a decimal)
	=	time (in years)

Using a simple interest formula, A = P(1+rt), determine the amount of interest earned, if $1000 were invested for 2 years at 2.5% interest rate.

	=	final amount
	=	initial principal balance
	=	annual interest rate (as a decimal)
	=	time (in years)

Using a simple interest formula, A = P(1+rt), determine the amount of interest earned, if $5600 were invested for 2 years at 1.8% interest rate.

	=	final amount
	=	initial principal balance
	=	annual interest rate (as a decimal)
	=	time (in years)